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

Gildan Activewear (NYSE:GIL) (TSE:GIL) announced its earnings results on Thursday. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85, Briefing.com reports. The business had revenue of $891.10 million for the quarter, compared to analyst estimates of $882.85 million. Gildan Activewear had a return on equity of 25.66% and a net margin of 13.06%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $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 Price Performance

GIL opened at $49.66 on Friday. The company has a quick ratio of 0.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $46.45 and its 200 day moving average price is $40.90. Gildan Activewear has a fifty-two week low of $28.95 and a fifty-two week high of $49.92. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 1.85 and a beta of 1.44.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be given 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 presently 32.41%.

Analyst Upgrades and Downgrades

GIL has been the topic of several analyst reports. Citigroup lifted their price objective on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. BMO Capital Markets raised their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus upped their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday. CIBC increased their price objective on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday. Finally, TD Securities boosted their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus 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.