Gildan Activewear trims EPS, shares fall

Thu Jul 31, 2014 1:01pm EDT
 
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TORONTO, July 31 (Reuters) - Canadian clothing maker Gildan Activewear Inc reported steady third-quarter net earnings on Thursday, but trimmed its full-year earnings guidance, which helped send its shares lower.

Gildan shares fell as much as 5.5 percent on the Toronto Stock Exchange after the company said it was lowering its earnings-per-share guidance on an acquisition-related inventory charge, ongoing manufacturing inefficiencies, and an unfavorable product mix.

The company said adjusted earnings per share for the year was expected to fall between $3.00 and $3.03, down from between $3.00 and $3.10.

Analysts, on average, were expecting full-year earnings per share of $3.07, according to Thomson Reuters I/B/E/S.

(Reporting by Solarina Ho; editing by Gunna Dickson)