Gildan Activewear Affirms FY24 Adj EPS Guidance $2.92-$3.07 vs $2.96 Estimate
Portfolio Pulse from Benzinga Newsdesk
Gildan Activewear has reaffirmed its FY24 adjusted EPS guidance of $2.92-$3.07, which is in line with the $2.96 estimate. The company remains focused on its Gildan Sustainable Growth strategy and expects revenue growth to be flat to up low-single digits, with an adjusted operating margin slightly above the high end of its 18%-20% target range. Capex is expected to be around 5% of net sales, and free cash flow is projected to be above 2023 levels.
August 01, 2024 | 10:47 am
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Gildan Activewear has reaffirmed its FY24 adjusted EPS guidance of $2.92-$3.07, aligning with the $2.96 estimate. The company expects revenue growth to be flat to up low-single digits and an adjusted operating margin slightly above the high end of its 18%-20% target range. Capex is projected to be around 5% of net sales, and free cash flow is expected to exceed 2023 levels.
The reaffirmation of the FY24 adjusted EPS guidance and positive outlook on revenue growth and free cash flow are likely to boost investor confidence in Gildan Activewear. The alignment with estimates and the company's focus on its growth strategy should have a positive short-term impact on the stock price.
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