Gildan Activewear (NYSE:GIL) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET
Company Participants
Jessy Hayem - Vice President, Head of Investor Relations
Glenn Chamandy - President and Chief Executive Officer
Rhodri Harries - Executive Vice President and Chief Financial and Administrative Officer
Chuck Ward - President, Sales, Marketing and Distribution
Conference Call Participants
Paul Lejuez - Citi
Mark Petrie - CIBC
Jay Sole - UBS
Stephen MacLeod - BMO
Martin Landry - Stifel
Vishal Shreedhar - National Bank
Operator
Good morning and welcome to the Third Quarter 2024 Gildan Activewear Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the call over to Jessy Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.
Jessy Hayem
Thank you, Angela. Good morning, everyone. Earlier we issued a press release announcing our results for the third quarter of 2024, along with our interim shareholder report containing management's discussion and analysis, as well as consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the U.S. Securities Commission today, and they'll also be available on our corporate website.
Joining me on the call today are Glenn Chamandy, President and CEO of Gildan; Rhodri Harries, Executive Vice President and Chief Financial and Administrative Officer; and Chuck Ward, President, Sales, Marketing and Distribution. This morning, we'll take you through the results for the quarter and then a question-and-answer session will follow.
Before we begin, please take note that certain statements included in this conference call may constitute forward looking statements, which involve unknown risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company's filings with the U.S. Securities and Exchange Commission and Canadian Securities Regulatory Authorities.
During this call, we will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable IFRS measures are provided in today's earnings release as well as our MD&A.
And now, I'll turn it over to Glenn.
Glenn Chamandy
Thank you, Jessy, and good morning, everybody. As highlighted in this morning's release, our Gildan sustainable growth strategy or GSG is clearly driving growth. We delivered record third quarter sales of $891 million, which were up 2.4% versus last year. Excluding the phase out of Under Armour, our third quarter consolidated sales would have been up high single-digits. We are not only strengthening our competitive position and driving growth but we are also continuing to enhance our profitability as reflected in our Q3 results with adjusted operating margins of 22.4%, up 430 basis points year-over-year and record third quarter adjusted diluted EPS of $0.85, up 15% versus last year, All while continuing to return significant capital to shareholders with a record of $404 million returned in Q3 $643 million year-to-date. Rhod will provide more details shortly.