08:51 AM EDT, 08/01/2024 (MT Newswires) -- Apparel manufacturer Gildan Activewear Inc. ( GIL ) -- under the direction of a new board and reinstated chief executive, Glenn Chamandy -- was at last look up 2% in US premarket trade on a second quarter earnings and revenues beat, and as it reconfirmed its full year guidance and provided a three year outlook.

Giland also announced a Normal Course Issuer Bid to repurchase up to 10% of the company's public float. It noted capital returned to shareholders of US$182 million during the quarter through dividends and share repurchases.

The company's share price jumped 2.0% at last look to US$41.50 in NYSE pre-market trading following all the news.

Adjusted net earnings rose to US$124.7 million, or US$0.74 per share, from US$112.3 million, or US$0.63 per share. It beat a consensus forecast of US$0.72 at Capital IQ.

Net sales climbed to US$862.2 million from US$840.4 million. It beat a consensus forecast of US$851.53 million at Capital IQ.

Among other highlights, it reported operating margin of 16.4%, adjusted operating margin of 22.7%; and cash flow from operations of $140 million and free cash flow of $104 million.

The board declared a quarterly dividend of $0.205 per share, payable Sept. 16, to shareholders of record as of Aug. 22.

Meanwhile, for 2024, Gildan expects to book an adjusted diluted EPS in the range of US$2.92 to US$3.07, up between 13.5% and 18.5% year over year. Revenue growth for the full year is expected to be flat or up low-single digits. Capex is expected to come in at near 5% of net sales. Free cash flow is seen above 2023 levels driven by increased profitability, lower working capital investments and lower capex than in 2023.

For its three-year outlook, Gildan expects its net sales growth at a compound annual growth rate in the mid-single digit range. The company also sees its annual adjusted operating margin to further improve over the three-year period as compared to 2024.

Gildan also said it expects the adjusted diluted EPS growth at a compound annual growth rate in the mid-teen range.