0001061894-26-000025
SEC filingGildan第三季度营收与盈利超预期，但全年指引大幅下调并撤回2026–2028年目标，需求疲软成核心风险。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | 1,466.6 | 910.6 | 61.1% |
| Gross profit | 625.0 | 306.6 | n.m. |
| Adjusted gross profit | 634.6 | 306.6 | n.m. |
| SG&A expenses | 239.7 | 95 | — |
| Operating income | 354 | 192 | — |
| Adjusted operating income | 396 | — | — |
| Adjusted operating margin | 27.0% | — | +380 bps |
| GAAP diluted EPS from continuing operations | 1.37 | 0.80 | 71.3% |
| Adjusted diluted EPS from continuing operations | 1.54 | 1.00 | 54.0% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Full Year 2026 | Revenue | $5.4 billion to $5.5 billion | GAAP |
| Full Year 2026 | Adjusted operating margin | approximately 20% | Non-GAAP |
| Full Year 2026 | Adjusted diluted EPS | $3.70 to $3.80 | Non-GAAP |
| Full Year 2026 | Free cash flow | $700 million to $750 million | Non-GAAP |
Q3净销售额$1.47 billion同比增长61.1%，主要来自HanesBrands并表，但低于约$1.65 billion的指引；与proforma净销售额$1.61 billion相比实际下滑，反映Wholesale和Retail需求均弱于预期。毛利率提升至42.6%，主要受益于约$177 million的IEEPA关税退款及制造与原材料成本下降，调整后营业利润率27.0%同比提升380个基点并超出指引。管理层坦言本季业绩未达预期，需求复苏未如期兑现，但强调整合协同与自由现金流仍然稳健。
全年2026指引被大幅下调：营收从原$6.0–6.2 billion的低端降至$5.4–5.5 billion，调整后EPS从$4.65–4.75降至$3.70–3.80，FCF从约$1.0 billion降至$700–750 million。公司同时撤回2026–2028年长期目标，并计划于2027年春季投资者日更新长期展望，短期不确定性显著上升。资本返还方面，公司宣布每股$0.249季度股息及最高约5%流通股的新NCIB，但杠杆率2.7倍已高于1.5–2.5倍目标区间，预计2027年底前回归。