09:47 AM EDT, 11/04/2021 (MT Newswires) -- Gildan Activewear (GIL.TO) on Thursday reported record adjusted net earnings of $159.4 million or $0.80 per share in the third quarter, more than doubling from $59.2 million or $0.30 per share in the year-ago period.
The company's shares rose 7% at last look in early Thursday trading.
Net sales amounted to $801.6 million, up 33.1% from $602.3 million in the third quarter of 2020. The company's as-reported net earnings came in at $188.3 million, jumping 233.9% from $56.4 million.
Gildan Activewear attributed its record results to an ongoing recovery in demand, noting that sales volumes have now returned above pre-pandemic levels. The company generated free cash flow of $232 million during the quarter, up year over year from $137.2 million.
The company said it is relatively well-positioned amid a global supply chain crisis and rising inflationary pressure, expressing confidence that it will be able to maneuver its way toward meeting its operating margin target.
Gildan Activewear declared a cash dividend of $0.154 per share, payable Dec. 20 to shareholders of record as of Nov. 24.
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