Gildan Activewear (NYSE:GIL) Issues Earnings Results, Beats Estimates By $0.03 EPS

Gildan Activewear (NYSE:GIL) (TSE:GIL) announced its quarterly earnings results on Thursday. The textile maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03, Briefing.com reports. The firm had revenue of $862.20 million during the quarter, compared to the consensus estimate of $851.10 million. Gildan Activewear had a return on equity of 24.62% and a net margin of 13.01%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 earnings per share. Gildan Activewear updated its FY24 guidance to $2.92-3.07 EPS and its FY 2024 guidance to 2.920-3.070 EPS.

Gildan Activewear Price Performance

Shares of NYSE:GIL traded up $0.05 during midday trading on Friday, hitting $41.34. 974,579 shares of the stock were exchanged, compared to its average volume of 478,707. The stock has a market cap of $6.85 billion, a P/E ratio of 13.97, a PEG ratio of 1.56 and a beta of 1.43. The company has a current ratio of 2.38, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. Gildan Activewear has a twelve month low of $26.99 and a twelve month high of $42.00. The company has a 50 day moving average price of $38.55 and a 200-day moving average price of $36.12.

Gildan Activewear Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, August 22nd will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, August 22nd. Gildan Activewear’s dividend payout ratio (DPR) is presently 27.70%.

Wall Street Analyst Weigh In

GIL has been the subject of several research analyst reports. Canaccord Genuity Group increased their price objective on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Canaccord Genuity Group lifted their price objective on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. BMO Capital Markets lifted their price objective on shares of Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a research report on Friday. Royal Bank of Canada lifted their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Stifel Nicolaus upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating and lifted their price objective for the company from $39.00 to $51.00 in a research report on Friday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.50.

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.