Gildan Activewear (NYSE:GIL) Releases FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.97-3.02 for the period, compared to the consensus earnings per share estimate of $2.96. Gildan Activewear also updated its FY 2024 guidance to 2.970-3.020 EPS.

Gildan Activewear Stock Performance

Shares of NYSE:GIL traded up $0.76 during mid-day trading on Friday, reaching $49.66. 531,424 shares of the company traded hands, compared to its average volume of 709,643. Gildan Activewear has a 52 week low of $28.95 and a 52 week high of $49.92. The firm has a market cap of $7.80 billion, a PE ratio of 20.35, a PEG ratio of 1.83 and a beta of 1.43. The company’s 50 day moving average price is $46.45 and its 200-day moving average price is $40.90. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.35 and a quick ratio of 0.97.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The firm had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. During the same period in the prior year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities analysts expect that Gildan Activewear will post 2.93 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be given a $0.152 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.22%. Gildan Activewear’s payout ratio is 33.61%.

Wall Street Analyst Weigh In

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

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.