May 13, 2010 / 11:33 AM / in 7 years

UPDATE 1-Gildan profit tops estimates, boosts outlook

* Adj EPS $0.41 vs consensus $0.35

* Revenue rises 33.5 pct to $326.8 mln (Adds details. In U.S. dollars)

TORONTO, May 13 (Reuters) - Canada’s Gildan Activewear (GIL.TO) reported a higher quarterly profit, handily topping estimates helped by lower commodity costs and improved sales. It also boosted its year-end sales forecast.

The Montreal-based company, which makes T-shirts, socks and underwear, earned $48.8 million, or 40 cents a share, up from $7.1 million, or 6 cents for the same period a year earlier.

Adjusted net earnings, which excludes restructuring charges, were $49.8 million, or 41 cents a share.

Revenue during the quarter rose 33.5 percent to $326.8 million.

Analysts, on average, expected a profit of 35 cents a share excluding items and revenue of $278.4 million, according to Thomson Reuters I/B/E/S/.

The company expects full year sales to be about $1.3 billion, up from its earlier outlook of about $1.2 billion. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Derek Caney)

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