Gildan Activewear Inc. GIL-T says it earned US$78.7 million in its first quarter, down almost 20 per cent from US$97.6 million a year earlier.

The Montreal-based clothing manufacturer, which reports its financial information in U.S. dollars, says diluted earnings per share were 47 cents US for the quarter compared with 54 cents US a year earlier.

Analysts had expected the company to report a gain of about 52 cents US per share, according to financial markets data firm Refinitiv.

On an adjusted basis, the company reported net earnings of US$99.2 million in the period ended March 31 compared with US$81.6 million a year earlier.

Gildan’s net sales for the quarter reached US$695.8 million compared with US$702.9 million a year prior.

The results come as the company is feuding with some of its major shareholders over who should lead Gildan, which recently said it was entertaining offers to buy the business.