In a surprising turn of events in the market, Gildan Activewear shares saw a significant jump in early trading on Wednesday. The company's fourth-quarter earnings and revenue surpassed expectations, with a positive outlook for the future.
Strong Financial Performance
Gildan Activewear, a Canadian apparel company, reported sales of $782.7 million for the fourth quarter - a noticeable increase from the previous year's $720 million. This exceeded analyst forecasts, which had predicted a more conservative rise to $760 million.
The robust performance translated into a net income of $153.3 million, or 89 cents per share, up from $83.9 million or 47 cents per share recorded in the same period last year. Adjusted earnings stood at 75 cents per share, surpassing analyst estimates of 73 cents per share.
Promising Outlook for 2024
Looking ahead to the full year of 2024, Gildan Activewear anticipates revenue growth to remain steady or increase slightly by low-single digits. The company expects adjusted earnings to fall within the range of $2.92 and $3.07 per share, reflecting a notable rise of 14% to 20% year over year.
The positive outlook has certainly fueled optimism among investors, evidenced by the 6.5% increase in trading, with shares priced at 48.85 Canadian dollars ($36.12) in Toronto.
For more financial insights and updates, stay tuned!
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