Gildan Activewear Q4 Results Top Estimates: Guides FY24 Adj. EPS In Line; Boosts Dividend 10%
(RTTNews) - Basic apparel maker Gildan Activewear, Inc. (GIL, GIL.TO) reported Wednesday that net earnings for the fourth quarter soared to $153.3 million or $0.89 per share from $83.9 million or $0.47 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.75 per share, compared to $0.65 per share in the year-ago quarter.
Net sales for the quarter grew 8.7 percent to $782.7 million from $720.0 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share on revenues of $761.19 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $2.92 to $3.07 per share on net sales growth at between flat and up low-single digits. The Street is looking for earnings of $3.00 per share on revenues of $3.27 billion for the year.
On Tuesday, the company's Board of Directors has approved a 10 percent increase in quarterly cash dividend to $0.205 per share, payable on April 8, 2024, to shareholders of record on March 13, 2024.
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