WINSTON-SALEM, N.C. (AP) -- Clothing maker HanesBrands said Friday that it will begin paying a quarterly dividend in June.
The maker of Hanes underwear and T-shirts said the move is part of the company's strategy to increase shareholder value.
HanesBrands said that it will pay a dividend of 20 cents per share on June 3 to shareholders of record as of May 20. The quarterly dividend is the first for the company since its spinoff as an independent public company in 2006.
The company also Thursday that it expects to earn 48 to 51 cents per share for its first quarter on revenue of $945 million. Analysts polled by FactSet were expecting the company to earn 32 cents per share on revenue of $974.9 million.
Hanes said the forecast is based on preliminary results and it will release its full first-quarter results on April 23. The company said the quarter was hampered by a sluggish retail environment, due to delays in income tax returns to consumers and poor weather, but it said its operating profit margin expanded for the period.
Hanes reaffirmed its earnings forecast of $3.25 to $3.40 per share for the year on revenue of $4.6 billion. Analysts had forecast earnings of $3.35 per share on revenue of $4.62 billion.
The company made the announcement as part of an investor meeting held in Las Vegas on Thursday.
Shares of the Winston-Salem, N.C. company rose 70 cents to $45.82 in after-hours trading on the news.
- Investment & Company Information