HanesBrands Boosts FY24 Adj. EPS Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Thursday, basic apparel maker HanesBrands, Inc. (HBI) provided earnings and net sales guidance for the fourth quarter, and raised its adjusted earnings outlook for the full-year 2024.

For the fourth quarter, the company expects earnings of approximately $0.06 per share and adjusted earnings of approximately $0.14 per share on net sales of approximately $900 million, all from continuing operations.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.12 per share on net sales of $942.13 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects a loss of approximately $0.32 per share and adjusted earnings of approximately $0.39 per share on net sales of approximately $3.61 billion, all from continuing operations.

Previously, the company expected a loss in a range of about $0.35 to $0.41 per share and adjusted earnings in a range of about $0.31 to $0.37 per share on net sales between about $3.59 billion and $3.63 billion, all from continuing operations.

The Street is looking for earnings of $0.34 per share on net sales of $3.60 billion for the year.

The company also said it is on track to pay down approximately $1 billion of debt in the second-half of 2024, with approximately $870 million paid down as of the end of October.

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