Gildan Activewear Affirms FY24 Adj EPS Guidance $2.92-$3.07 vs $2.96 Estimate

Author: Benzinga Newsdesk | August 01, 2024 06:47am

2024 Outlook

The Company's focus remains on executing the Gildan Sustainable Growth (GSG) strategy initiated in 2022. Substantial progress has been achieved on the three strategic pillars: capacity-driven growth, innovation and ESG. While we are encouraged by the positive demand trends for our products in all our channels in the first half of 2024, the macroeconomic backdrop remains mixed globally, which is driving a generally cautious consumer spending outlook. Nonetheless, we are reiterating our previously provided 2024 guidance, underscoring our confidence in our continued execution against our GSG strategy.

 

Consequently, for 2024, we continue to expect the following:

• Revenue growth for the full year to be flat to up low-single digits
• Adjusted operating margin1 slightly above the high end of our 18% to 20% target range for 2024
• Capex to come in at approximately 5% of net sales
• Adjusted diluted EPS1 in the range of $2.92 to $3.07, up significantly between 13.5% and 18.5% year over year
• Free cash flow above 2023 levels driven by increased profitability, lower working capital investments and lower capital expenditures than in 2023.

Posted In: GIL