Stock Alert: HanesBrands Shares Down 18%

(RTTNews) - Shares of basic apparel maker HanesBrands Inc. (HBI) are currently trading at $13.38, down $3.00 or 18.30% Thursday morning, with trading volume of 4.50 million more versus an average volume of 4.60 million shares. The stock has been trading in the range of $6.96 - $17.74 for the past one year.

The company, on Thursday, issued financial guidance for the fourth quarter, well below analysts' expectations, while reporting third-quarter results.

For the fourth quarter, the company expects earnings in a range of $0.24 - $0.29 per share and adjusted earnings in a range of $0.25 - $0.30 per share on net sales between about $1.60 billion and $1.66 billion.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.45 per share on net sales of $1.71 billion for the quarter. Analysts' estimates typically exclude special items.

Q3 Results

The company reported third-quarter net income of $103.3 million or $0.29 per share compared to $185.1 million or $0.51 per share last year. Adjusted net income was $147.1 million or $0.42 per share versus $170.2 million or $0.47 per share a year ago. Net sales for the quarter declined to $1.81 billion from $1.87 billion generated in the prior year period. Wall Street analysts expected earnings of $0.39 per share on revenue of $1.67 billion for the quarter.