U.S. Markets open in 1 hr 40 mins

Gildan tops Street 1Q forecasts

MONTREAL (AP) _ Gildan Activewear Inc. (GIL) on Wednesday reported first-quarter profit of $83.5 million.

On a per-share basis, the Montreal-based company said it had net income of 36 cents. Earnings, adjusted for restructuring costs, came to 39 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The apparel maker posted revenue of $665.4 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $664.4 million.

Gildan expects full-year earnings in the range of $1.60 to $1.70 per share.

Gildan shares have climbed almost 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.57, a decrease of 11 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GIL at https://www.zacks.com/ap/GIL


Keywords: Gildan Activewear, Earnings Report