Gildan Activewear Q4 Results Top Estimates

(RTTNews) - Gildan Activewear Inc. (GIL, GIL.TO) reported fourth-quarter net earnings of $67.4 million or $0.34 per share, up from $32.5 million or $0.16 per share last year.

Adjusted net earnings were $90.0 million or $0.45 per share compared to $83.4 million or $0.41 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter were $690.2 million up 4.8% from the previous year. It consisted of activewear sales of $537.9 million, up 11.3%, and sales of $152.3 million in the hosiery and underwear category, down 13.0% compared to the prior year quarter. Analysts expected revenues of $610.76 million for the quarter.