Gildan Activewear Q3 Profit Down 46.2%, But Results Beat Estimates - Quick Facts

(RTTNews) - Gildan Activewear Inc. (GIL, GIL.TO),a Canada-based manufacturer of apparel products, on Thursday reported third-quarter net earnings of $56.4 million or $0.28 per share, down from $104.9 million, or $0.51 per share in the year-ago period.

Adjusted net earnings were $0.30 per share, compared to $0.53 per share in the prior-year quarter.

Net sales for the quarter declined 18.6 percent to $602.3 million from $739.7 million a year ago.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.10 per share for the quarter on revenues of $535.47 million. Analysts' estimates typically exclude special items.

Looking ahead, Gildan Activewear said it is not providing a financial outlook currently. The company had withdrawn its guidance for fiscal 2020 in march due to uncertainty related to the impact of the COVID-19 pandemic.