Gildan Activewear (NYSE:GIL) Issues FY24 Earnings Guidance

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

Gildan Activewear Trading Up 1.6 %

Shares of NYSE GIL traded up $0.76 during trading hours on Friday, hitting $49.66. 531,424 shares of the company traded hands, compared to its average volume of 709,643. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.83 and a beta of 1.43. 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 12 month low of $28.95 and a 12 month high of $49.92. 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 (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.01. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The business had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate 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 given a dividend of $0.152 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.22%. Gildan Activewear’s dividend payout ratio (DPR) is presently 33.61%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus raised their price target on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity Group increased their target price on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets boosted their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. TD Securities raised their price target on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday. Finally, CIBC lifted their price objective on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Gildan Activewear currently has an average 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.