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Last $31.83 USD
Change Today -0.01 / -0.03%
Volume 252.4K
GIL On Other Exchanges
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As of 8:04 PM 05/28/15 All times are local (Market data is delayed by at least 15 minutes).

gildan activewear inc (GIL) Key Developments

Gildan Activewear Inc. Declares Quarterly Dividend, Payable on June 22, 2015; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 05, 2015; Provides Earnings Guidance for the Second Quarter Ending June 2015 and Revises Earnings Guidance for the Year Ending January 3, 2016

Gildan Activewear Inc. declared cash dividend of $0.065 per share, payable on June 22, 2015 to shareholders of record on May 27, 2015. The rate is equivalent to the dividend the company paid in the previous quarter when excluding the effects of its March 2015 two-for-one stock split. The company reported unaudited consolidated earnings results for the first quarter ended April 05, 2015. For the quarter, the company’s net earnings declined to $56.0 million, or $0.23 per diluted share, from $79.2 million, or $0.32 per diluted share, in the quarter ended March 30, 2014. Net sales rose to $636.2 million from $548.8 million. Adjusted earnings were merely in line with expectations as a bigger-than-expected revenue increase was outweighed by a drop in margins. Operating income was $61.3 million against $83.9 million a year ago. Adjusted EBITDA was $92.2 million against $109.2 million a year ago. Adjusted net earnings were $57.5 million against $79.2 million a year ago. Adjusted diluted EPS were $0.24 against $0.32 a year ago. Cash used in operating activities was $25.1 million against cash flow from operating activities of $5.6 million a year ago. Negative free cash flow was $108.0 million against $79.9 million a year ago. Net indebtedness was $557.7 as on April 5, 2015. The company utilized $108 million of cash to finance capital expenditures of $83.6 million and seasonal working capital requirements. Earnings before income taxes were $58.4 million against $83.8 million a year ago. Purchase of property, plant and equipment was $82.1 million against $84.0 million a year ago. Purchase of intangible assets was $1.4 million against $1.9 million a year ago. For the second quarter ending in June 2015, the company forecasts adjusted EPS of $0.43 to $0.45 on sales of $750 million. For the year ending January 3, 2016, the company cut the high end of its guidance range for adjusted diluted EPS, now projecting $1.50 to $1.55, versus its previous guidance for $1.50 to $1.57. The narrowing of the full year outlook is due to the further decline in international currencies versus the U.S. dollar. The company has now hedged against further currency exposure in order to avoid the need for further selling price increases in Europe 2015. EBITDA for calendar 2015 is now projected to be $525 million to $540 million. The company is expecting to generate strong free cash flows during the balance of the year, including the impact of projected reductions in inventory levels. Inventory valuations will also be positively impacted by the declining cost of cotton and lower manufacturing costs. Capital expenditures in calendar 2015 are projected to be $250 million to $300 million. The company continues to project consolidated net sales slightly in excess of $2.65 billion. Adjusted EBITDA is now projected to be $525 to $540 million.

Gildan Activewear Mulls Acquisitions

Laurence G. Sellyn, Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Gildan Activewear Inc. (TSX:GIL) said, "We have stated that we will continue to seek further new acquisitions such as Gold Toe, Anvil, Doris and Comfort Colors, which complement our organic growth strategies and lever our competitive strengths, as well as seek to continue to grow our dividend."

Gildan Activewear Announces Executive Changes

Gildan Activewear (GIL.TO) announced that Rhodri J. Harries has been appointed as executive vice president and chief financial and administrative officer. Harries succeeds Laurence G. Sellyn, who will stay to assist in the transition, although the effective date of his appointment has not yet been finalized while plans are developed to transition his responsibilities at Rio Tinto Alcan. Harries is currently the CFO of Rio Tinto Alcan, and he's been holding the position since 2014. Prior to being the CFO, he was the chief commercial officer from 2009 to 2013.

Gildan Activewear Inc., Q2 2015 Earnings Call, May 14, 2015

Gildan Activewear Inc., Q2 2015 Earnings Call, May 14, 2015

Hanesbrands Withdraws Lawsuit against Gildan Activewear Inc

Hanesbrands Inc. and a subsidiary have agreed to voluntarily withdraw a trademark lawsuit against Gildan Activewear Inc., though leaving open the door to resubmitting. The lawsuit was filed Dec. 5 in the U.S. District Court for the Middle District of N.C. by Hanesbrands and HBI Branded Apparel Enterprises LLC. The Hanesbrands companies requested a jury trial. Hanesbrands accused Gildan and Gildana USA Inc. of trademark infringement and unfair competition related to Gildan's use of the Tempfx brand for moisture-control apparel products. Hanesbrands had said Gildan was marketing products identical to those sold by (Hanesbrands) under their X-Temp trademark. Hanesbrands said it began marketing X-Temp products in July 2012 and received a trademark in August 2013. The complaint said Gildan began marketing products under the Tempfx brand in the United States in early 2014, benefiting from consumer awareness already generated by X-Temp in shared retail distribution channels. Gildan has attempted to obtain a trademark for Tempfx since October 2013. Hanesbrands filed an initial objection in September. Hanesbrands wanted Gildan enjoined from using the Tempfx trademark, as well as damages and an accounting of Gildan profits from use of the trademark.

 

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GIL

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Valuation GIL Industry Range
Price/Earnings 30.9x
Price/Sales 3.2x
Price/Book 4.0x
Price/Cash Flow 30.5x
TEV/Sales 3.0x
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