Gildan Activewear Q3 Profit Down, Misses Estimates; Updates FY23 Outlook At Lower End

(RTTNews) - Gildan Activewear Inc. (GIL, GIL.TO) Thursday announced a decline in third-quarter earnings while revenues were up 2.3 percent, compared to the prior year. The company now expects full-year earnings and revenues to be at the lower end of its previous outlook.

The quarterly earnings were $127.4 million or $0.73 per share, compared to $153 million last year. On a per-share basis, earnings were $0.73, down from $0.84 in the previous year. On an adjusted basis, earnings were $0.74 per share.

On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.73 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $869.9 million from $850 million in the previous year. Wall Street expected $846.28 million.

The company noted that its competitive position remains very strong in a challenging environment driven by our industry-leading vertically integrated manufacturing platform.

Looking ahead to the full year 2023, the company expects full-year revenues and earnings per share to be at the lower end of the previously provided range, reflecting softer demand trends in certain markets stemming from the macro environment. Earlier in August, the company was looking for adjusted earnings in the range of $2.55 to $2.65 per share and revenues flat to down low single digits.