February 23, 2017 / 12:28 PM / in 8 months

BRIEF-Gildan Activewear reports Q4 adjusted earnings of $0.32/shr

Feb 23 (Reuters) - Gildan Activewear Inc

* Gildan Activewear reports fourth quarter and full year 2016 results and initiates guidance for 2017

* Q4 earnings per share $0.32

* Q4 adjusted earnings per share $0.32 excluding items

* Gildan Activewear Inc - qtrly net sales $587.9 million versus $543.8 million

* Q4 revenue view $603.9 million -- Thomson Reuters I/B/E/S

* Gildan Activewear Inc - Renewal of normal course issuer bid to repurchase up to 5 percent of issued and outstanding common shares

* Gildan Activewear Inc - For 2017, Gildan expects to achieve adjusted diluted eps in range of $1.60 to $1.70

* Gildan Activewear Inc - Approved a 20 percent increase in amount of current quarterly dividend and has declared a cash dividend of $0.0935 per share

* Gildan Activewear Inc - Net sales in 2017 in printwear and branded apparel segments are each expected to increase in high single digit range

* Gildan Activewear Inc- Company is also projecting free cash flow generation in excess of $400 million for 2017

* Gildan Activewear Inc - Company expects an approximate $0.05 to $0.07 per share accretive impact on earnings from acquisitions in 2017

* Gildan Activewear Inc - contribution on earnings from acquisition of American Apparel is expected to be neutral in 2017 and accretive thereafter

* Gildan Activewear Inc - Projected earnings growth for 2017 is expected to be weighted in first half of year with strong earnings growth in Q1

* Gildan Activewear - consolidated 2017 net sales outlook assumes incremental impact of about $160-$185 million in sales from acquisitions completed in 2016, early 2017

* Gildan Activewear Inc - Cash flow projection for 2017 reflects expected capital expenditures of approximately $125 million

* FY 2017 earnings per share view $1.72 -- Thomson Reuters I/B/E/S

* Gildan Activewear Inc- Acquisitions of Alstyle and Peds contributed approximately $50 million in sales in Q4 of 2016

* Gildan Activewear Inc - projects high single digit consolidated net sales growth for 2017 Source text for Eikon: Further company coverage:

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