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Gildan stock rises after earnings beat, dividend raised

Gildan Activewear Inc. (GIL.T) shares rose 4.8% in early Wednesday trading after the athletic clothing company reported fourth quarter results that beat expectations and raised its dividend. Net income totaled $173.9 million, or 89 cents per share, up from $67.4 million, or 34 cents per share, last year. Adjusted EPS of 76 cents exceeded the FactSet consensus of 60 cents. Sales of $784.3 million were up from $690.2 million and was well ahead of the FactSet consensus for $734.6 million. Gildan raised its quarterly dividend 10% to 16.9 cents per share, payable on April 11 to shareholders of record as of March 17. The Gildan board has expanded to 11 with the addition of Dhaval Buch, senior advisor for Blackstone Private Equity and Mahindra Group, an India-based company specializing in the automobile, farm and finance industries. Over the next three years, Gildan expects sales at a compound annual growth rate (CAGR) in the range of 7% to 10%. Gildan stock has soared 51.4% over the past year while the S&P 500 index has gained 11.8%.

-Tonya Garcia

 

(END) Dow Jones Newswires

02-23-22 0934ET

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