HanesBrands Slashes FY23 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Thursday, basic apparel maker HanesBrands, Inc. (HBI) provided earnings and net sales guidance for the third quarter, and lowered its earnings and sales forecast for the full-year 2023.

For the fourth quarter, the company expects earnings in a range of about $0.04 to $0.10 per share and adjusted earnings in a range of about $0.07 to $0.13 per share on net sales between about $1.52 billion and $1.57 billion, all from continuing operations.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $0.20 per share on net sales of $1.68 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2023, the company now projects earnings in a range of about $0.00 to $0.14 per share and adjusted earnings in a range of about $0.16 to $0.30 per share on net sales between about $5.80 billion and $5.90 billion, all from continuing operations.

Previously, the company expected earnings in the range of about $0.14 to $0.25 per share and adjusted earnings in the range of about $0.31 to $0.42 per share on net sales between about $6.05 billion and $6.20 billion, all from continuing operations.

The Street is looking for earnings of $0.31 per share on net sales of $6.05 billion for the year.

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