August 2, 2012 / 1:17 PM / 6 years ago

UPDATE 1-Gildan profit falls on lower prices for printwear

* Reaffirms 2012 adj EPS view $1.30 vs est $1.31

* Sees Q4 adj EPS $0.80 vs est $0.78

* Sees Q4 rev $1.95 bln in line with analysts’ estimate

Aug 2 (Reuters) - Clothing maker Gildan Activewear Inc said quarterly profit fell as lower selling prices for printwear hurt the company’s margins, but forecast current quarter results above analysts’ estimates.

Gildan, which supplies to the screenprint market in the United States and Canada, expects adjusted earnings of about 80 cents per share on revenue of about $560 million for the current quarter.

Analysts were estimating earnings of 78 cents per share on revenue of $537 million, according to Thomson Reuters I/B/E/S.

The company also backed its forecast for fiscal 2012 adjusted earnings of about $1.30 per share on sales of $1.95 billion.

Gildan also supplies private-label and Gildan-branded socks, primarily to mass-market retailers.

Net income fell to $78.6 million, or 64 cents per share, for the second quarter from $88.1 million, or 72 cents per share, a year earlier.

Excluding restructuring and acquisition-related costs, earnings were 66 cents per share.

Net sales rose 13 percent to $600.2 million.

Gildan’s shares, which have risen 44 percent so far this year, closed at C$28.23 on Wednesday on the Toronto Stock Exchange.

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