Gildan Activewear Inc. (NYSE: GIL) reported Thursday that its second-quarter net income rose, citing a rise in revenue and a drop in costs of cotton and energy, according to Associated Press.
Net income totaled $48.8 million, or 40 cents per share, for the three months ended March 31, compared with $7.1 million, or 6 cents per share, in the same period last year.
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Excluding a restructuring charge, net income totaled 41 cents per share.
Revenue rose 34 percent to $326.8 million, compared to $244.8 million last year.
Analysts surveyed by Thomson Reuters, on average, expected a profit of 36 cents per share on revenue of $290.8 million. Analyst estimates typically exclude one-time charges.
Gildan said it had strong growth in clothing sales volume with strong growth in activewear and underwear. It also had lower costs for manufacturing, cotton and energy. That was offset by costs related to the Haiti earthquake and higher expenses.
The company now expects revenue to rise 13 percent in fiscal 2010, to $1.3 billion, up from previous guidance of $1.2 billion.
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