Gildan Activewear (NYSE:GIL) Releases Earnings Results, Hits Expectations

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued its quarterly earnings data on Thursday. The textile maker reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85, Briefing.com reports. Gildan Activewear had a return on equity of 25.66% and a net margin of 13.06%. The business had revenue of $891.10 million during the quarter, compared to analyst estimates of $882.85 million. During the same period in the previous year, the firm earned $0.74 EPS. Gildan Activewear’s quarterly revenue was up 2.4% compared to the same quarter last year. 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 Trading Up 1.6 %

NYSE GIL opened at $49.66 on Friday. The company has a market cap of $7.80 billion, a PE ratio of 19.63, a PEG ratio of 1.85 and a beta of 1.44. Gildan Activewear has a 12 month low of $28.95 and a 12 month high of $49.92. The stock has a 50 day moving average of $46.45 and a 200-day moving average of $40.90. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55.

Gildan Activewear Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.152 per share. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s dividend payout ratio is currently 32.41%.

Analyst Ratings Changes

A number of brokerages have weighed in on GIL. Citigroup lifted their price target on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. TD Securities upped their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday. CIBC increased their target price on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday. Canaccord Genuity Group boosted their price target on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Finally, Stifel Nicolaus increased their price objective on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently 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.