By Robb M. Stewart
Gildan Activewear’s shares rose strongly Thursday after the Canadian clothing company’s logged better-than-expected earnings for the recent quarter.
In morning trading, the shares were 9.8% higher at C$42.50 in Toronto, widening the advance so far this year to 15%. On the New York Stock Exchange, the stock was 9.8% higher at $30.69, for a year-to-date advance of 12%.
The Montreal-based company reported adjusted per-share earnings of 74 cents for the third quarter, ahead of the 71-cent mean forecast of 11 analysts polled by FactSet. Sales for the quarter were up 2.3% at $869.9 million, beating the $843.1 million expected by the market.
Still, Gildan adjusted its financial targets for the full year to reflect what it said was softening demand in certain markets.
The company now expects revenue and adjusted earnings per share for 2023 will be at the lower end of its prior targets, which had anticipated revenue would be flat to down by low-single digits, and earnings would come in at between $2.55 and $2.65 a share.
Write to Robb M. Stewart at [email protected]
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