(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.
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