G&L: NET WILL TRAIL ESTIMATES
GREENSBORO, N.C. — Shares of Galey & Lord Inc. fell 6 9/16 to close at 18 3/16 on the New York Stock Exchange Monday after the company said it expects third-quarter earnings to come in below analysts’ expectations.
The fabrics maker cited lower sales of corduroy fabric and denim in the U.S. and Europe. Wall Street was expecting G&L to earn about 62 cents a share.
G&L reported net income of $4.2 million, or 35 cents a share, on $135.1 million in revenues for the third quarter ended June 28, 1997.
The results included a bad debt reserve of $2 million, or 10 cents.
This year, its operations have been beefed up considerably, however, by the acquisition of Swift Denim and other apparel fabric businesses that had been part of Dominion Textile.