Gildan Activewear Inc.

Good morning and welcome to the third quarter 2024 Gildan ActiveWare earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Jessie Hayen. Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

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 Chimandi, President and CEO of Gildan, Rod 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 and known 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.

Thank you, Jessie, 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 growth 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%, of 430 basis points year over year. And record third quarter adjusted diluted EPS of 85 cents up 15% versus last year. All while continuing to return significant capital to shareholders with a record of 404 million returned in Q3 and 643 million year to date. Rod will provide more details shortly. But let me tell you that we are very excited about the opportunities ahead as we continue to leverage the benefits of our ongoing yarn operation modernization in the United States, scale up further, capitalizing on our new Bangladesh operation, which is ramping up as planned, and which will support the long-term growth of our ringspun products. As we continue to optimize our operations in Central America to support the growth of our fleece. And as we leveraged the largest pipeline of innovation in the company's history with the development of our new soft technology, our new MVS technology for fleece, our new color blast for comfort colors, our plasma technology to improve and reduce the cost of screen printers, digital printing, just to name a few with more to come in 2025. The successful execution of the three strategic pillars, capacity expansion, innovation, ESG, all of which are pretty much in place today, and definitely moving the company in the right direction. Our complete focus on executing our GSG strategy gives us the confidence and our ability to deliver on our three-year growth targets that we had laid out earlier this year. for the 2025 to 2027 period, including mid-single-digit sales growth, improved adjusted operating margins over the three-year period as compared to 2024, CapEx as a percentage of sales, about 5% per year on average, continued share repurchase in line with leverage framework of 1.5 to 2.5 net debt to adjusted EBITDA, and adjusted diluted EPS growth in the mid-teen range. As we approach 2025, we are well positioned with good visibility heading into the new year, assuming that the current macroeconomic outlook holds. I'm looking forward to answering your questions after Rod's formal remarks, and I now will turn it over to Rod.