Gildan Spikes on Q1 Beat
Gildan Activewear is gaining after it posts better-than-expected first-quarter earnings.
Gildan Activewear is gaining after it posts better-than-expected first-quarter earnings.
NEW YORK (
) -- T-shirt maker
Gildan Activewear
(GIL) - Get Report
is spiking after it reported better-than-expected first-quarter earnings.
During the quarter, the company earned $28 million, or 23 cents a share, compared with $4.4 million, or 4 cents a share, in the year-ago period.
Excluding items, Gildan actually earned 24 cents, 2 cents better than Wall Street's forecast.
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Revenue shot up 20% to $220.4 million.
Looking ahead, the company still expects full-year revenue of more than $1.2 billion, a 17% jump from the year prior.
Shares of Gildan are surging 7.3% to $24.12 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
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