Gildan Activewear (NYSE:GIL) Releases Earnings Results

Gildan Activewear (NYSE:GIL) (TSE:GIL) posted its quarterly earnings results on Thursday. The textile maker reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01, Briefing.com reports. The business had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. Gildan Activewear’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 earnings per share. Gildan Activewear updated its FY 2024 guidance to 2.970-3.020 EPS and its FY24 guidance to $2.97-3.02 EPS.

Gildan Activewear Stock Performance

Shares of Gildan Activewear stock traded up $0.76 during trading on Friday, reaching $49.66. The company’s stock had a trading volume of 531,424 shares, compared to its average volume of 709,643. Gildan Activewear has a one year low of $28.95 and a one year high of $49.92. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 2.35. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.83 and a beta of 1.43. The business’s fifty day moving average price is $46.31 and its 200-day moving average price is $40.77.

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.152 per share. This represents a $0.61 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s dividend payout ratio (DPR) is 33.61%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. BMO Capital Markets upped their target price on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday. CIBC increased their price objective on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday. TD Securities lifted their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada increased their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Citigroup lifted their price objective on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.05.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.