Gildan Activewear Slashes FY19 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, Gildan Activewear Inc. (GIL, GIL.TO) slashed its earnings, adjusted earnings and sales growth guidance for the full year 2019. For fiscal 2019, the company now projects earnings in a range of $1.43 to $1.48 per share and adjusted earnings in a range of $1.65 to $1.70 per share on a sales decline in the low-single-digits.

Previously, the company expected earnings in a range of $1.50 to $1.55 per share and adjusted earnings in a range of $1.95 to $2.00 per share on sales growth in the mid-single-digit range.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.66 per share on a sales decline of 2.3 percent to $2.84 billion for the year. Analysts' estimates typically exclude special items.

Further, the company's Board of Directors declared a cash dividend of $0.134 per share, payable on December 9, 2019 to shareholders of record on November 14, 2019.