U.S. Markets open in 5 hrs 31 mins

HanesBrands: 1Q Earnings Snapshot

WINSTON-SALEM, N.C. (AP) _ HanesBrands Inc. (HBI) on Thursday reported first-quarter profit of $79.5 million.

The Winston-Salem, North Carolina-based company said it had profit of 22 cents per share. Earnings, adjusted for one-time gains and costs, were 27 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The underwear, T-shirt and sock maker posted revenue of $1.59 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.53 billion.

For the current quarter ending in July, HanesBrands expects its per-share earnings to range from 43 cents to 45 cents.

The company said it expects revenue in the range of $1.74 billion to $1.77 billion for the fiscal second quarter.

HanesBrands expects full-year earnings in the range of $1.72 to $1.80 per share, with revenue ranging from $6.89 billion to $6.99 billion.

HanesBrands shares have risen 45% since the beginning of the year. The stock has increased slightly more than 2% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HBI at https://www.zacks.com/ap/HBI