Hanesbrands Inc. (HBI - Free Report) came out with second-quarter 2018 results. Adjusted earnings of 45 cents per share came a penny below the Zacks Consensus Estimate and declined nearly 15% from the prior-year quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2018 has trended upward in the last 7 days. In the trailing four quarters (excluding the quarter under review) the company beat the Zacks Consensus Estimate by an average of 1.6%.
Revenues: Net sales of $1,715.4 million rose 4.2% year over year. The Zacks Consensus Estimate was pegged at $1,711 million.
Outlook: Hanesbrands reaffirmed its 2018 outlook. The company still management still projects net sales in the band of $6.72 million to $6.82 billion. Further, it continues to envision adjusted earnings in the range of $1.72-$1.80 per share. For the third quarter, management projects net sales in a band of $1.85 billion to $1.9 billion. Adjusted earnings per share are envisioned in a band of 54-57 cents.
The Zacks Consensus Estimate for the third quarter and 2018 is currently pegged at 55 cents and $1.76, respectively.
Stock Movement: Shares of the company are down almost 8% during the pre-market trading session.
Zacks Rank: Currently, Hanesbrands has a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Hershey’s earnings report later!
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