Gildan Activewear Q4 Results Top Estimates; Boosts Dividend 10% - Quick Facts

(RTTNews) - Basic apparel maker Gildan Activewear Inc. (GIL, GIL.TO) reported Wednesday that net earnings for the fourth quarter soared to $173.9 million or $0.89 per share from $67.4 million or $0.34 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.76 per share, compared to $0.45 per share in the year-ago quarter.

Net sales for the quarter grew 13.6 percent to $784.3 million from $690.2 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share on revenues of $715.51 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company expects net sale growth at a compound annual growth rate in the range of 7 to 10 percent over the next three years, under the Gildan Sustainable Growth plan.

The company's Board of Directors has also approved a 10 percent increase in quarterly cash dividend to $0.169 per share, payable on April 11, to shareholders of record on March 17, 2021.

Gildan also said it received approval from the Toronto Stock Exchange to increase its normal course issuer bid (NCIB) by up to 10 percent of public float.