Hanesbrands (HBI) shares climbed more than 20% in recent trading Thursday after the company reported that it swung to Q3 adjusted earnings that also topped analyst estimates along with higher-than-expected net sales.
The company reported Q3 adjusted earnings Thursday of $0.15 per diluted share, swinging from a loss of $0.02 a year earlier.
Analysts surveyed by Capital IQ expected adjusted EPS of $0.12.
Net sales for the quarter ended Sept. 28 were $937.1 million, down from $961.3 million a year earlier.
Analysts surveyed by Capital IQ expected $935.7 million.
The company said it expects Q4 adjusted EPS of about $0.14 on net sales of approximately $900 million. Analysts surveyed by Capital IQ expect adjusted EPS of $0.12 on revenue of $892.2 million.
For fiscal 2024, the company said it now expects adjusted EPS of approximately $0.39, up from its prior forecast of $0.31 to $0.37. Analysts surveyed by Capital IQ expect $0.35. Net sales are now forecast to be about $3.61 billion, compared with the prior range of $3.59 billion to $3.63 billion. Analysts polled by Capital IQ expect $3.58 billion.
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