Gildan Activewear Updates Earnings Guidance - Quick Facts

(RTTNews) - Gildan Activewear Inc. (GIL) reported a 7.7% increase in second-quarter adjusted EPS mainly due to increased sales and adjusted operating margin, as well as the benefit of a lower share count compared to the prior year, partly offset by higher net financial expenses. The company updated its full year adjusted EPS guidance to higher end of range.

For 2019, the company now expects adjusted EPS of $1.95 to $2.00, revised from prior guidance range of $1.90 to $2.00. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.97. Analysts' estimates typically exclude special items.

For the second-quarter, adjusted net earnings were $115.0 million, or $0.56 per share, up from $111.5 million, or $0.52 per share, previous year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter.

Second-quarter sales totaled $801.6 million, up 4.9% compared to the prior year quarter. Analysts expected revenue of $792.99 million, for the quarter.

The Board of Directors has declared a cash dividend of $0.134 per share, payable on September 9, 2019 to shareholders of record on August 15, 2019.