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Hanesbrands Q3 Profit Rises; Updates FY19 Outlook - Quick Facts

(RTTNews) - Hanesbrands Inc. (HBI) on Thursday reported an increase in net income for the third quarter to $187.78 million or $0.51 per share from $171.42 million or $0.47 per share in the year-ago period.

Adjusted earnings for the quarter were $0.54 per share, compared to $0.52 per share in the same period last year.

Net sales for the quarter increased 1 percent to $1.87 billion from $1.85 billion in the prior-year quarter. Net sales rose 2 percent in constant currency.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter on revenues of $1.86 billion. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, Hanesbrands forecast net sales in a range of $1.719 billion to $1.769 billion, reported earnings per share of $0.46 to $0.52, and adjusted earnings per share of $0.48 to $0.54.

The Street expects earnings of $0.49 per share for the quarter on revenues of $1.75 billion.

Hanesbrands has updated full-year financial guidance for 2019, including effectively raising the midpoint of the guidance ranges for net sales and earnings per share.

The company now expects 2019 net sales of $6.935 billion to $6.985 billion, reported earnings per share of $1.61 to $1.67, and adjusted earnings per share of $1.74 to $1.80.

The company's prior outlook was for full-year net sales of $6.885 billion to $6.985 billion, reported earnings per share of $1.59 to $1.67, and adjusted earnings per share of $1.72 to $1.80.

Analysts expect the company to earn $1.75 per share for the year on revenues of $6.96 billion.

Hanesbrands said its key assumptions for its forecast include a cautious outlook for the U.S. brick-and-mortar retail market, including the effect of door closures; continued progress in U.S. Innerwear revitalization initiatives; price increases; negative effects of currency exchange rates; and increased marketing investment to support brand plans.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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