UPDATE 1-Apparel maker Gildan raises full-year outlook

Thu May 2, 2013 8:02am EDT
 
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* Sees full-year revenue in excess of $2.15 billion

* Sees FY earnings/shr $2.65-$2.70 vs previous guidance $2.60-$2.70

* Sees third-quarter earnings/shr of $0.92-$0.95

* Second-quarter adjusted net earnings/shr $0.59 vs estimate $0.56

* Second-quarter net sales $523 mln vs estimate $519.7 mln

May 2(Reuters) - Canadian apparel maker Gildan Activewear Inc raised its full-year outlook, as it expects lower cotton prices and higher sales to boost revenue through the year, after reporting second-quarter results above analysts' estimates.

The company now expects full-year adjusted earnings of $2.65 to $2.70 per share - at the upper half of its previous guidance of $2.60 to $2.70 per share. It now expects revenue in excess of $2.15 billion, up from its prior forecast of $2.1 billion.

Gildan's net earnings rose to $72.3 million, or 59 cents per share, in the quarter ended March 31 from $26.9 million, or 22 cents per share, a year earlier.

Excluding items, the company earned 59 cents per share.   Continued...