NEW YORK (

TheStreet

) -- 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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