Gildan Activewear (NYSE: GIL) reported Q1 EPS of $0.36, $0.01 better than the analyst estimate of $0.35. Revenue for the quarter came in at $665.4 million versus the consensus estimate of $662.73 million.

GUIDANCE:

Gildan Activewear sees FY2017 EPS of $1.60-$1.70, versus the consensus of $1.66.

Outlook

The Company reaffirmed its full year 2017 financial guidance, which it initiated on February 23, 2017, of adjusted diluted EPS in the range of $1.60-$1.70 on expected consolidated net sales growth in the high single-digit range. Printwear and Branded Apparel net sales in 2017 are each expected to increase in the high single-digit range driven by organic growth and the projected aggregate impact of approximately $160 to $185 million from the acquisitions of Alstyle, Peds, and American Apparel. The Company continues to expect earnings growth in 2017 to be weighted in the first half of the year as higher raw material costs are projected in the second half of the year. The Company is also reconfirming its expectations for Adjusted EBITDA for 2017 of $555-$585 million and free cash flow in excess of $400 million, after projected capital expenditures of approximately $125 million for the year.

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