Nov 4, 2021
Gildan reports record Q3 results as sales surpass pre-pandemic levels
The Canadian Press
Notable Calls: BCE, Gildan Activewear and Bombardier
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MONTREAL - Gildan Activewear Inc. has stitched record-high profits in its latest quarter on strong sales growth that even surpassed 2019 levels.
The Montreal-based maker of T-shirts, underwear and socks, which reports in U.S. dollars, says it earned US$188.3 million or a record 95 cents per diluted share in the third quarter.
That's up from US$56.3 million or 28 cents per share a year earlier and 51 per cent above pre-pandemic levels in the third quarter of 2019.
Excluding one-time items, adjusted profits were US$159.4 million or 80 cents per share, up from US$59.2 million or 30 cents per share in the third quarter of 2020.
Revenues for the three months ended Oct. 3 were US$801.6 million, up 33 per cent from US$602.3 million and eight per cent higher than in 2019.
Gildan was expected to report 57 cents per share in adjusted profits on US$717.1 million in revenues, according to financial data firm Refinitiv.
