Gildan Activewear Inc . (NYSE:GIL) has reached a remarkable milestone, with its stock price soaring to an all-time high of $50.59. This peak represents a significant achievement for the apparel company, now commanding a market capitalization of $7.76 billion. The company's robust performance has driven an impressive 53.25% year-to-date return, with analysts setting price targets as high as $60. Investors have been buoyed by the company's strong financial results and strategic initiatives, with InvestingPro data showing a healthy 30.64% gross profit margin and consistent dividend payments for 14 consecutive years. The surge to an all-time high is a testament to Gildan Activewear's solid market position and its ability to adapt and thrive in a competitive industry. For deeper insights, InvestingPro offers 12 additional investment tips and a comprehensive research report for GIL, helping investors make more informed decisions.
In other recent news, Gildan Activewear has announced significant financial developments. The company recently priced its inaugural offering of C$700 million in senior unsecured notes, with the proceeds intended for the repayment of existing debt and other general corporate purposes. This offering is being managed by a syndicate of financial institutions including BMO Capital Markets, CIBC (TSX:CM) Capital Markets, and Scotiabank (TSX:BNS) among others.
Additionally, Gildan Activewear reported a year-over-year sales increase of 2.4% to $891 million in its Third Quarter 2024 Earnings Call. The company also returned $404 million to shareholders in Q3, totaling $643 million for the year. Despite the phase-out of Under Armour (NYSE:UA), the company noted a 6% sales increase in Activewear during Q3, with fleece products expected to continue their growth trajectory.
Furthermore, Gildan Activewear has raised its guidance for full-year 2024 adjusted diluted EPS to between $2.97 and $3.02. The company's outlook includes mid-single-digit sales growth and improved operating margins through 2025. These are the recent developments in Gildan Activewear's financial performance and strategic direction.
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