Gildan Activewear (NYSE:GIL) Announces Earnings Results, Beats Expectations By $0.07 EPS

Gildan Activewear (NYSE:GIL) (TSE:GIL) released its quarterly earnings results on Wednesday. The textile maker reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.07, Briefing.com reports. Gildan Activewear had a return on equity of 24.00% and a net margin of 16.14%. The company had revenue of $695.80 million during the quarter, compared to the consensus estimate of $692.94 million. During the same quarter last year, the business posted $0.45 earnings per share. Gildan Activewear’s revenue was down 1.0% compared to the same quarter last year. Gildan Activewear updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Down 1.3 %

Gildan Activewear stock traded down $0.43 during midday trading on Friday, hitting $33.10. 434,778 shares of the company were exchanged, compared to its average volume of 724,448. The company has a market cap of $5.58 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 1.27 and a beta of 1.38. Gildan Activewear has a fifty-two week low of $26.98 and a fifty-two week high of $38.87. The company’s fifty day moving average price is $35.51 and its 200-day moving average price is $33.99. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.38 and a quick ratio of 0.83.

Gildan Activewear Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Thursday, May 23rd will be issued a dividend of $0.205 per share. The ex-dividend date is Wednesday, May 22nd. This represents a $0.82 annualized dividend and a dividend yield of 2.48%. Gildan Activewear’s payout ratio is currently 27.36%.

Analyst Ratings Changes

Several brokerages recently weighed in on GIL. Citigroup boosted their target price on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Scotiabank increased their target price on Gildan Activewear from $39.50 to $40.50 and gave the stock a “sector outperform” rating in a research report on Friday, February 9th. Royal Bank of Canada restated an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a report on Monday, April 8th. Canaccord Genuity Group increased their price objective on shares of Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group boosted their target price on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.95.

Gildan Activewear Company Profile

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.