HanesBrands Sees Q4 Results Below Market; Cuts FY23 Outlook - Update

(RTTNews) - Basic apparel maker Hanesbrands Inc. (HBI) pn Thursday issued fourth-quarter earnings and net sales guidance, both below market estimates. Further, the company lowered its earnings and sales forecast for fiscal 2023, to now expect a loss on a reported basis.

For the fourth quarter, the company expects earnings per share from continuing operations of around $0.05, and adjusted earnings per share from continuing operations of around $0.09.

Net sales from continuing operations for the quarter would be around $1.36 billion, a decrease of around 8% on a reported basis and approximately 7% on a constant currency basis.

Analysts on average expect the company to earn $0.16 per share on sales of $1.47 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For fiscal year 2023, the company currently expects loss per share from continuing operations of approximately $0.22, and adjusted earnings per share from continuing operations of around $0.12.

The company now projects net sales from continuing operations of around $5.70 billion, an approximate 9% decrease from last year on a reported basis and 8% decrease on a constant currency basis.

The company previously projected 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.

The Street is looking for earnings of $0.20 per share on sales of $5.85 billion for the year.