Counselor Top 40 supplier Gildan (asi/56842) reported that it generated record third-quarter revenue and that sales for the first nine months of 2024 are up 1.5% year over year to nearly $2.45 billion.

In an earnings announcement released Oct. 31, the publicly traded company noted that its Q3 sales in particular were up 2.4% on an annual basis to $891 million.

Activewear sales, which include business with the promotional products/decorated apparel industry, rose 6% in the third quarter to $788 million. For the first nine months of the year, activewear revenue jumped 5% to about $2.12 billion – a performance driven, in part, by increased product shipments.

Glenn Chamandy, Gildan (asi/56842)

Gildan’s bottom line improved in Q3, too. The firm’s net earnings for the three-month stretch, which concluded with September’s end, rose 3.2% year over year to $137.8 million, translating to $0.82 in basic earnings per share (EPS).

Over the first nine months of 2024, however, net income was down nearly 30% to $268.5 million, or $1.62 in basic EPS. Gildan endured a costly proxy fight throughout the first five months of the year, one factor that’s weighed on 2024’s bottom line.

Even so, Gildan increased its forecast for full-year top-line sales growth. Previously, the Montreal-headquartered company was calling for annual revenue to be flat or marginally up. Now, executives believe the firm will experience a revenue gain in the low single-digit percentage range.

“Through the continued successful execution of our three strategic pillars – capacity expansion, innovation and ESG – we are not only further strengthening our competitive position but also driving top-line growth and enhancing profitability,” said Gildan President/CEO Glenn Chamandy. “We remain deeply committed to delivering long-term value for our stakeholders and are excited about the opportunities that lie ahead.”

Some other notable financial metrics from Q3: Gildan reported cash flow from operations of $178 million and free cash flow of $149 million. The firm said it provided a record quarterly return of $404 million to shareholders through dividends and share repurchases.

Based on estimated 2023 North American promotional products sales of $739.3 million, Gildan ranked fourth on Counselor’s most recent list of the largest suppliers in the industry. The firm has been awarded honors for its sustainability initiatives.