Gildan Activewear (NYSE:GIL) Releases FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY24 earnings guidance on Thursday. 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.

Analyst Ratings Changes

Several research firms have weighed in on GIL. TD Securities increased their target price on Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Friday. CIBC raised their price target on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday. Royal Bank of Canada raised their price target on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their price objective on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Canaccord Genuity Group increased their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Gildan Activewear has a consensus rating of “Moderate Buy” and an average price target of $51.05.

Gildan Activewear Stock Performance

Shares of NYSE GIL opened at $49.66 on Friday. The company has a market capitalization of $7.80 billion, a P/E ratio of 20.35, a P/E/G ratio of 1.83 and a beta of 1.43. The stock has a 50 day moving average of $46.45 and a 200-day moving average of $40.90. 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.

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 for the quarter, topping the consensus estimate of $0.84 by $0.01. The business had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.74 EPS. As a group, equities research analysts predict that Gildan Activewear will post 2.93 EPS for the current year.

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be issued 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 payout ratio is currently 33.61%.

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.