Q4 2024 Gildan Activewear Inc Earnings Call Transcript
Key Points
- Gildan Activewear Inc (GIL) reported record fourth quarter sales of $822 million, up 5% year-over-year.
- The company achieved record fourth quarter adjusted EPS of $0.83, an 11% increase from the previous year.
- Gildan Activewear Inc (GIL) returned a record $889 million to shareholders in 2024, demonstrating strong capital allocation.
- The company's international business saw a 20% increase in sales over the last two quarters, supported by capacity expansion in Bangladesh.
- Gildan Activewear Inc (GIL) is benefiting from a changing competitive landscape, with competitors exiting the market, allowing for market share gains.
- The hosiery and underwear category was down 23% year-over-year, primarily due to the phaseout of the Under Armour business.
- The company's adjusted effective income tax rate increased to 13.4% from 3.1% the previous year, impacting net income.
- Cash flow from operating activities decreased to $501 million from $547 million in the prior year.
- The company faces a mixed macroeconomic backdrop, with geopolitical uncertainties and potential trade policy repercussions.
- Gildan Activewear Inc (GIL) anticipates a significantly higher effective income tax rate in the first quarter of 2025 compared to the first quarter of 2024.
Ladies and gentlemen, thank you for standing by, and welcome to the Gildan Activewear's 2024 Q4 Earnings and Full Year Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jessy Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.
Thank you. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the fourth quarter and full year 2024 as well as our first time guidance for 2025. The company's management discussion and analysis and consolidated financial statements are expected to be filed with the Canadian securities and regulatory authorities and the U.S. Securities Commission today and will also be available on our corporate website. In a separate press release issued concurrently today, the company also announced executive leadership nominations and a CFO
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