HanesBrands Q3 Profit Rises, Shares Surge 14%

(RTTNews) - Apparel marketer HanesBrands (HBI) Wednesday reported third-quarter net income of $125.3 million or $1.23 per share, compared to $109.9 million or $1.09 per share last year.

Shares are up 14 percent in the after-hours trade, following the news.

On average, 13 analysts polled by Thomson Reuters expected the company to report profit of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped 1.8 percent to $1.20 billion from $1.22 billion a year ago. Analysts estimated revenues of $1.24 billion for the quarter.

Hanes has updated its full-year guidance. The company now expects adjusted earnings of $3.75 to $3.85 per share and net sales of slightly more than $4.6 billion. Analysts currently expects earnings of $3.67 per share on revenues of $4.58 billion.

Earlier, the company expected full-year earnings of $3.50 to $3.65 per share, with revenues of about $4.55 billion.

The company also lifted its 2014 adjusted earnings target range to $4.25 to $4.50 per share, up from the low $4 range provided on its second-quarter earnings call. Analysts currently estimate earnings of $4.30 per share for the year.