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Gildan Activewear Q3 net earnings rise 25.5%, boosts guidance

04 Aug '06
3 min read

Gildan has increased its diluted EPS guidance for the full 2006 fiscal year to approx. $2.07. The revised full year guidance is up from the company's most recent guidance of approx. $2.00 per share, and reflects a projected increase of 33.5% compared with adjusted EPS of $1.55 in fiscal 2005, before taking account of the prior year special charge.

The further increase in EPS guidance for fiscal 2006 is due to the more favourable than previously anticipated results for the third quarter, and the assumed continuation in the fourth quarter of more favourable manufacturing efficiencies and product-mix, partially offset by the projected continuation of more unfavourable industry pricing.

The company is now projecting diluted EPS of $0.58 in the fourth quarter, compared with its most recent guidance of $0.56 per share and up 23.4% from adjusted EPS of $0.47 in the fourth quarter of fiscal 2005. The updated guidance assumes that the company's recent acquisition of Kentucky Derby Hosiery Co Inc, which was completed on July 6, 2006, will be neither accretive nor dilutive to EPS in the fourth quarter of the current fiscal year.

Gildan is a vertically-integrated marketer and manufacturer of quality branded basic apparel. It is the leading supplier of activewear for the wholesale imprinted sportswear market in the US and Canada, and also a leading supplier to this market in Europe.

Gildan Activewear Inc

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