Gildan Activewear Boosts Dividend 15%, Initiates FY20 Outlook - Quick Facts

(RTTNews) - Gildan Activewear Inc. (GIL, GIL.TO) announced Thursday its Board of Directors has approved a 15 percent increase in quarterly cash dividend to $0.154 per share, payable on April 6, to shareholders of record on March 12, 2020. It is the eighth consecutive annual increase in quarterly dividend.

Gildan also said it received approval from the Toronto Stock Exchange to renew its normal course issuer bid commencing on February 27, 2020 to purchase for cancellation up to 9.94 million common shares, representing approximately 5% of the Gildan's issued and outstanding common shares.

Looking ahead, Gildan also initiated guidance for fiscal 2020, projecting earnings in a range of $1.70 to $1.80 per share and adjusted earnings in a range of $1.85 to $1.95 per share on projected net sales growth of 2 to 4 percent. On average, analysts' polled by Thomson Reuters expects the company to earn $1.96 per share on revenue growth of 2.9 percent to $2.92 billion for the year.

The Company said it does not project and has not incorporated in its guidance any meaningful impact on its business resulting from the current outbreak of the coronavirus in China. The Company will continue to monitor the situation as it evolves.