Gildan Activewear (NYSE:GIL) Releases FY24 Earnings Guidance

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

Gildan Activewear Price Performance

GIL opened at $49.66 on Friday. The firm has a market cap of $7.80 billion, a PE ratio of 19.63, a P/E/G ratio of 1.85 and a beta of 1.44. The stock has a 50-day moving average price of $46.45 and a 200-day moving average price of $40.90. Gildan Activewear has a 1 year low of $28.95 and a 1 year high of $49.92. 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 issued its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 25.66%. The business had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. During the same period in the previous year, the company earned $0.74 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. Sell-side analysts predict that Gildan Activewear will post 2.93 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

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

Analyst Ratings Changes

GIL has been the topic of a number of research analyst reports. Royal Bank of Canada upped their price target on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. CIBC upped their target price on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday. Canaccord Genuity Group raised their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. TD Securities boosted 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, BMO Capital Markets raised their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.