12:01 PM EST, 02/19/2025 (MT Newswires) -- (Updates shares.)

Gildan Activewear ( GIL ) on Wednesday raised its dividend by 10% as it reported a fourth-quarter adjusted earnings beat.

The apparel manufacturer hiked the quarterly dividend to US$0.226 per share from US$0.205, payable April 7 to shareholders of record on March 12.

The dividend increase comes as Gildan booked adjusted earnings, excluding most one-time items, of US$128.2 million, or US$0.83 per share, exceeding the FactSet consensus estimate of US$0.81 per share. Gildan's adjusted earnings fell from US$129.2 million, or US$0.75 per share, in the year-prior quarter.

Sales rose 5% to a record US$821.5 million, above the FactSet forecast of US$804 million, while adjusted EBITDA grew 12.4% to US$208.4 million.

"By reinforcing our core competencies as a low-cost, large-scale, vertically integrated sustainable manufacturer, we continued to enhance our competitive advantage, and we are well positioned for continued growth in the years ahead," said chief executive Glenn Chamandy.

For 2025, Gildan expects to post adjusted earnings of US$3.38 to US$3.58 per share, up 13% to 19% from 2024. This compares to the FactSet estimate of US$3.47.

The company also named Luca Barile, currently chief financial officer for sales, marketing and distribution, as group CFO.

Gildan shares were last seen up $2.25 to $75.95 on the Toronto Stock Exchange..

Price: 76.04, Change: +2.34, Percent Change: +3.18