Post by
retiredcf on May 16, 2022 6:50am
Another Assessment
GIL reported first-quarter 2022 adjusted earnings per share of US$0.76, exceeding estimates of $0.51 supported by a 37.7% year-over-year growth in activewear sales. Sales of $774.9 million were reported beating estimates of $664.3 million. Profits soared nearly 50% year-over-year to $144.3 million, ahead of the consensus of $90.0 million. Management noted slowing sales for certain products in the hosiery and underwear segment on the basis of non-recurring government stimulus for consumers. The comments about the slowdown did not impress investors, but we do expect moderate growth in top and bottom-line results looking forward. We think it was a positive quarter. (5iResearch)