Gildan Activewear Q3 Profit Edges Up, But Misses View; Updates FY14 EPS View

(RTTNews) - Gildan Activewear Inc.'s (GIL.TO, GIL) third -quarter net earnings slightly rose to $116.0 million from $115.8 million last year. Earnings per share was flat at $0.94

Before reflecting restructuring and acquisition-related costs, adjusted net earnings totaled $116.6 or $0.95 per share. On average, 14 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.96 for the quarter. Analysts' estimates typically exclude one-time items. Quarterly sales rose by 12.9 percent to $693.8 million from $614.3 million a year ago, whereas the consensus estimate was $695.85 million. Looking ahead, for the fourth quarter, the company expects adjusted earnings per share in the range of $1.06-$1.09, on net sales above $700 million. Analysts estimates earnings per share of $1.14 on revenues of $708.05 million. For the full-year, the group slashed its adjusted earnings outlook and now expects it to be in the range of $3.00-$3.03 versus the previous guidance of $3.00-$3.10. The company still expects sales revenue to cross $2.4 billion. Analysts forecasts earnings per share of $3.09 on revenues of $2.42 billion.