Gildan reinstates dividend after beating expectations with strong Q1 results
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 05/05/2021 (1964 days ago), so information in it may no longer be current.
MONTREAL – Gildan Activewear Inc. reinstated its dividend as it swung to a US$98.5-million profit in the first quarter with help from a U.S. pandemic support program for cotton users.
The Montreal-based company, reporting in U.S. dollars, says it earned 50 cents per diluted share for the three months ended March 31, compared with a loss of 50 cents per share or US$99.3 million a year earlier.
Excluding one-time items, the adjusted profit was US$95 million or 48 cents per share, up from US$11.2 million or six cents per share in the first quarter of 2020.
The company said its profits included a nine-cents-per-share one-time benefit from the USDA’s pandemic assistance for cotton users program.
Revenues were US$589.6 million, up 28 per cent from US$459.1 million a year earlier and down about five per cent from the first quarter of 2019.
Gildan was expected to report 18 cents per share in adjusted profits on US$483.3 million in revenues, according to financial data firm Refinitiv.
The company says it was reinstating its quarterly dividend of 15.4 cents per share.
“While large events have not yet restarted, we continue to be encouraged by the strength of our imprintables business and on the retail side we were pleased with strong double-digit growth in underwear and activewear sales compared to the first quarters of 2020 and 2019,” stated CEO Glenn Chamandy.
This report by The Canadian Press was first published May 5, 2021.
Companies in this story: (TSX:GIL)