Globe & Mail 07:57 AM EDT, 08/05/2021 (MT Newswires) -- Gildan Activewear (GIL.TO) edged up 1.8% in U.S. premarket trading on Thursday as it reported adjusted net earnings of US$135.3 million or US$0.68 per share in the second quarter, swinging from a loss of US$196.6 million or US$0.99 per share in the same period a year ago.
The company's as-reported net earnings came in at US$146.4 million or US$0.74 per share, compared with a year-ago loss of US$249.7 million or US$1.26 per share.
Net sales amounted to US$747.2 million, up 225.3% on a yearly basis from US$229.7 million, driven mainly by higher volumes and a favorable product mix despite supply chain constraints. Operating income came in at US$159.7 million or 21.4% of sales, compared with a year-ago operating loss of US$236.1 million.
Gildan Activewear declared a cash dividend of US$0.154 per share, payable Sept. 20 to shareholders of record as of Aug. 26. The company's board also approved the reinstatement of a normal course issuer bid for up to 5% of the company's issued and outstanding shares, commencing Aug. 9 and running for a year.
Price: 44.17, Change: +0.58, Percent Change: +1.33