Gildan Activewear (NYSE:GIL) Issues Earnings Results, Beats Estimates By $0.07 EPS

Gildan Activewear (NYSE:GIL) (TSE:GIL) released its quarterly earnings data on Wednesday. The textile maker reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.07, Briefing.com reports. The business had revenue of $695.80 million for the quarter, compared to analysts’ expectations of $692.94 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. Gildan Activewear updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Performance

NYSE GIL traded down $0.66 during trading on Thursday, reaching $33.93. 774,510 shares of the company’s stock were exchanged, compared to its average volume of 803,466. Gildan Activewear has a fifty-two week low of $26.98 and a fifty-two week high of $38.87. The stock has a market capitalization of $5.72 billion, a P/E ratio of 11.42, a PEG ratio of 1.31 and a beta of 1.38. The business has a 50 day moving average price of $35.59 and a 200-day moving average price of $33.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.33 and a quick ratio of 0.83.

Gildan Activewear Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 2.42%. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.19. Gildan Activewear’s payout ratio is currently 27.06%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Citigroup lifted their target price on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. TD Securities boosted their price objective on Gildan Activewear from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. CIBC boosted their price target on shares of Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. UBS Group downgraded shares of Gildan Activewear from a “buy” rating to a “neutral” rating and cut their target price for the company from $40.00 to $37.00 in a research note on Friday, January 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.25.

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.