Gildan Activewear Inc . (NYSE:) has reached an impressive milestone, with its stock price soaring to an all-time high of $50.62. According to InvestingPro analysis, the company maintains a “GREAT” financial health score, with analysts setting price targets up to $60. This peak represents a significant achievement for the apparel company, known for its manufacturing of branded clothing, including undecorated blank activewear such as t-shirts, sport shirts, and fleeces. Over the past year, Gildan Activewear has experienced a remarkable surge in its stock value, with a total return of 58.24%. The company’s strong performance is backed by solid fundamentals, including a healthy current ratio of 2.31 and consistent dividend payments maintained for 14 consecutive years. This growth underscores the company’s strong performance and investors’ confidence in its business strategy and market position. For deeper insights into GIL’s valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Gildan Activewear reported a pricing of its inaugural offering of C$700 million in senior unsecured notes. The offering is divided into two series, with the proceeds from the sale of these notes intended for the repayment of existing debt and other general corporate purposes. The offering is managed by a syndicate of financial institutions, including BMO Capital Markets, CIBC (TSX:) Capital Markets, and Scotiabank (TSX:) as joint bookrunners.
Furthermore, Gildan Activewear announced a year-over-year sales increase of 2.4% to $891 million in its Third Quarter 2024 Earnings Call. The company reported an adjusted operating margin of 22.4% and an adjusted diluted EPS of $0.85, up 15%. Gildan Activewear returned $404 million to shareholders in Q3, totaling $643 million for the year.
Despite the phase-out of Under Armour (NYSE:), the company noted a 6% sales increase in Activewear during Q3. The company’s outlook includes mid-single-digit sales growth and improved operating margins through 2025. Guidance for full-year 2024 adjusted diluted EPS has been raised to between $2.97 and $3.02. These are the recent developments in Gildan Activewear’s financial performance and strategic direction.
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