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Gildan Tops Fourth-Quarter Profit Forecasts

Gildan shares have declined slightly more than 2 percent since the beginning of the year. The stock has decreased nearly 1 percent in the last 12 months.
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  • Associated Press

MONTREAL, Canada — Gildan Activewear Inc. (GIL) on Thursday reported fourth-quarter net income of $74.3 million.

On a per-share basis, the Montreal-based company said it had profit of 32 cents.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The apparel maker posted revenue of $587.9 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $610.7 million.

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For the year, the company reported profit of $346.6 million, or $1.47 per share. Revenue was reported as $2.59 billion.

Gildan expects full-year earnings in the range of $1.60 to $1.70 per share, with revenue in the range of $160 million to $185 million.

Gildan shares have declined slightly more than 2 percent since the beginning of the year. The stock has decreased nearly 1 percent in the last 12 months.

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