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Stock Market & Financial Investment News

News Breaks
December 31, 2012
09:16 EDTGILGildan Activewear got NYSE reprimand for not notifying exchange of meeting date
Gildan Activewear disclosed in a regulatory filing that the company received a letter from the New York Stock Exchange that constitutes a public reprimand by the Exchange to Gildan as a result of its failure to provide timely notification to the Exchange of the record date for the Company's upcoming annual meeting scheduled for February 7, 2013. In the letter, the NYSE stated, "The Company acknowledged that it notified the Toronto Stock Exchange, the principal trading market for the Company's common shares, of the record date on November 8, 2012. However, due to an administrative error, the Company did not report this information to the Exchange until December 21, 2012. The Company therefore failed to make a timely notification to the Exchange pursuant to Sections 204.21 and 401.02...the Exchange [has elected to issue] a public reprimand letter to [the] listed company that has violated a listing standard as an alternative to suspending trading in or delisting the listed company."
News For GIL From The Last 14 Days
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July 31, 2015
11:31 EDTGILHanesbrands plummets after cutting FY15 revenue outlook
Shares of apparel maker Hanesbrands (HBI) are sinking after the company lowered its fiscal 2015 revenue outlook. WHAT'S NEW: After the close on Thursday, HanesBrands reported second quarter adjusted earnings per share of 50c, in line with analysts' consensus estimates, on revenue of $1.52B, slightly missing consensus estimates for $1.56B. Net sales excluding foreign currency fluctuations and the acquisitions of DBApparel and Knights Apparel increased 1% in Q2. The company said it drove significant margin expansion in its Innerwear and Activewear segments. WHAT'S NOTABLE: Hanesbrands backed its FY15 adjusted EPS view of $1.61-$1.66, versus analysts' consensus estimates of $1.65. However, the company lowered its FY15 revenue guidance to "slightly less" than $5.9B from its previous view of $5.9B-$5.95B, below analysts' estimates of $5.96B. Adjusted operating profit for the year is expected at $855M-$875M. The guidance for 2015 represents growth over 2014 results of 13%-17% for adjusted EPS, nearly 11% for net sales and 12%-15% for adjusted operating profit. Richard Noll, the chairman and Chief Executive Officer of Hanesbrands, commented that the company continues to deliver double-digit growth in adjusted operating profit and EPS as expected, "and we are tracking to our full-year profit expectations." ANALYST REACTION: Barclays said this morning that Hanesbrands' weakness represented a buying opportunity. While the firm's analyst was disappointed by Innerwear weakness, the analyst said Q3 expectations have been reset. Barclays believes Hanesbrands is one of the best stories to own heading into 2016 as past M&A synergies, likely new M&A and buybacks support 2016 earnings growth. The firm rated shares an Overweight. PRICE ACTION: In late morning trading, Hanesbrands fell $3.39, or about 10%, to $30.75 on more than twice its average daily trading volume. Despite this pullback, the shares have gained approximately 24% over the past year. OTHERS TO WATCH: Other apparel companies include Gildan Activewear (GIL), down 5.8%, and Delta Apparel (DLA), down 5.3%.
07:32 EDTGILGildan Activewear sees FY15 EPS as bottom of $1.50-$1.55 range, consensus $1.53
Sees FY15 revenue close to $2.65B, consensus $2.66B.
07:30 EDTGILGildan Activewear sees Q3 EPS 51c-53c, consensus 58c
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07:29 EDTGILGildan Activewear reports Q2 adjusted EPS 42c, consensus 44c
Reports Q2 revenue $714.2M, consensus $760.61M.

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