Gildan Activewear (NYSE:GIL) Updates FY 2024 Earnings Guidance

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

Gildan Activewear Stock Performance

GIL stock traded up $0.76 on Friday, hitting $49.66. The company had a trading volume of 531,424 shares, compared to its average volume of 709,643. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. Gildan Activewear has a 12-month low of $28.95 and a 12-month high of $49.92. The stock has a market cap of $7.80 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 1.83 and a beta of 1.43. The stock’s 50-day simple moving average is $46.45 and its 200 day simple moving average is $40.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results 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. The firm had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. As a group, equities research analysts expect that Gildan Activewear will post 2.93 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The company also recently declared 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 of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.22%. Gildan Activewear’s dividend payout ratio is currently 33.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Citigroup raised their price objective on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada lifted their target price on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group upped their price target on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets raised their price objective on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, CIBC boosted their price objective on Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gildan Activewear has a consensus rating of “Moderate Buy” and a consensus 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.