Stock Monitor: Xcel Brands Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 29, 2018 / If you want access to our free earnings report on Hanesbrands Inc. (NYSE: HBI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HBI. On May 01, 2018, HanesBrands reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
HanesBrands' net sales reached $1.47 billion for Q1 FY18, reflecting an increase of 6.60% from $1.38 billion in Q1 FY17. The reported revenue number exceeded analysts' consensus estimates of $1.43 billion. In the quarter under review, the Company's organic sales increased 1% in constant currency from previous year's same quarter.
During Q1 FY18, HanesBrands' cost of sales was $892.58 million, 6.16% higher than $840.82 million in Q1 FY17. The Company's gross profit advanced 7.30% to $578.92 million in the reported quarter from $539.53 million in the previous-year's comparable quarter. The Company's gross profit percentage improved 0.26 percentage points to 39.34% in Q1 FY18 from 39.09% in Q1 FY17.
HanesBrands incurred selling, general, and administrative (SG&A) expenses of $432.86 million in Q1 FY18, 4.78% higher than $413.10 million in Q1 FY17. The Company's operating profit ascended 15.53% to $146.06 million in the quarter under review from $126.43 million in the previous year's same quarter.
HanesBrands' income from continuing operations was $79.41 million for the quarter ending March 31, 2018, up 8.66% from $73.08 million in the same period last year. The Company's diluted earnings per share from continuing operations also increased 15.79% to $0.22 in Q1 FY18 from $0.19 in Q1 FY17. The reported earnings included acquisition, integration, and other action-related charges as well as debt-refinance charges. HanesBrands' adjusted diluted earnings per share (DEPS) from continuing operations, excluding these non-recurring items, was $0.26 in Q1 FY18, down 10.34% from $0.29 in Q1 FY17. However, it was higher than analysts' consensus estimates of $0.24 per share.
HanesBrands' Segment Details
During Q1 FY18, the Innerwear segment's net sales were $491.08million, down 2.79% on a y-o-y basis. This segment had operating profit of $101.42 million in Q1 FY18 compared to $116.62 million in Q1 FY17; reflecting a decrease of 13.04%
The Activewear segment reported sales of $346.13 million in Q1 FY18, an increment of 5.74% Q1 FY17. This segment had operating profit of $38.29 million in the quarter under review, a decline of 11.68% from $43.35 million in the previous year's corresponding quarter.
For Q1 FY18, the International segment generated sales of $569.89 million,19.37% higher than the prior year's same quarter. This segment had an operating profit of $77.06 million in Q1 FY18, an increase of 46.33% from $52.66 million in Q1 FY17.
During Q1 FY18, others segment's net sales were $64.41 million, down 8.53% on a y-o-y basis. This segment had operating profit of $2.63 million in Q1 FY18, almost the same as Q1 FY17.
HanesBrands had cash and cash equivalents of $373.66 million as on March 31, 2018, 11.36% lower than $421.57 million as on December 30, 2017. The Company had a long-term debt of $4.19 billion at the end of Q1 FY18, an increase of 13.05% from $3.70 billion at the end of Q4 FY17.
HanesBrands' cash outflow from operating activities was $128.14 million for the three months ending March 31, 2018, compared to cash outflow of $22.80 million for the same period last year.
HanesBrands distributed dividends of $54.05 million in Q1 FY18, 3.26% lower than the $55.88 million reported in Q1 FY17.
For full year 2018, HanesBrands expects sales of $6.72 billion to $6.82 billion and GAAP operating profit of $870 million to $905 million. The Company expects GAAP diluted earnings per share (from continuing operations) to be between $1.54 and $1.62 and adjusted (non-GAAP) diluted earnings per share to be between $1.72 and $1.80 in FY18.
For the second quarter of 2018, HanesBrands expects net sales to be in the range of $1.70 billion to $1.73 billion and GAAP operating profit to be in the band of $215 million to $225 million. The Company expects GAAP diluted earnings per share (from continuing operations) to be between $0.38 and $0.40 and adjusted (non-GAAP) diluted earnings per share to be between $0.44 and $0.46 in Q2 FY18.
On April 24, 2018, HanesBrands' Board of Directors declared a regular quarterly cash dividend of $0.15 per share, payable on June 05, 2018, to stockholders of record at the close of business May 15, 2018.
Stock Performance Snapshot
May 25, 2018 - At Friday's closing bell, Hanesbrands' stock marginally fell 0.11%, ending the trading session at $18.19.
Volume traded for the day: 3.09 million shares.
After last Friday's close, Hanesbrands' market cap was at $6.56 billion.
Price to Earnings (P/E) ratio was at 12.65.
The stock has a dividend yield of 3.30%.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry.
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