Gildan Q2 Profit Rises, Beats View; Backs FY14 EPS Guidance

(RTTNews) - Gildan Activewear Inc (GIL, GIL.TO) Friday posted second-quarter net earnings of $79.2 million or $0.64 per share compared with $72.3 million or $0.59 per share in the prior-year quarter.

On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.63 for the quarter. Analysts' estimates typically exclude one-time items. For the second quarter, net sales amounted to $548.8 million, up 4.9 percent from $523 million last year. Analysts estimated revenues of $555.22 million for the quarter. The company said its results reflected strong growth in sales of underwear to U.S. retailers, increased sales to global lifestyle brands and international print wear markets and the non-recurrence of a distributor inventory devaluation discount in the second quarter of fiscal 2013. For the third quarter, the firm expects adjusted earnings per share of $0.95, same as that of the prior-year quarter. Net sales revenues are projected to be close to $700 million. Analysts forecast earnings of $1.02 per share on revenues of 667.26 million. Further, the company raised its full-year sales guidance to about $2.4 billion, versus its prior guidance of about $2.35 billion. However, it continues to expect full-year adjusted earnings in the range of $3.00to $3.10 per share. Analysts forecast annual earnings of $3.08 per share on revenues of $2.35 billion. Furthermore, the board declared a cash dividend of $0.108 per share, payable on June 9, 2014 to shareholders of record on May 15, 2014.