Hanesbrands Provides Better-Than-Expected Q1 Guidance (HBI)
Shares of Hanesbrands Inc. (NYSE: HBI) extended gains in aftermarket hours on Thursday after the Company provided better-than-expected earnings guidance on the fiscal first quarter while revenue outlook marched with Street’s estimation.
For the fiscal first quarter, the Winston-Salem, North Carolina-based Company expects earnings to come in the range of 48 cents to 51 cents a share while analysts’ polled by Thomson Reuters were expecting it at 32 cents a share. Revenue is expected at $975.36 million. For the fiscal 2013, Hanesbrands expects earnings in the range of $3.25 to $3.40 a share while analysts’ consensus forecast was for $3.36 a share.
Several Wall Street firms have also commented on the stock in the recent past. Earlier on Tuesday, analysts at Barclays boosted the rating on the stock to “overweight” from “equal weight” and lifted the price target on shares to $50 a share from $40 a share. On March 25, analysts at Janney Montgomery Scott raised their price target on the stock to $50 from $47 a share and have a “buy” rating on the stock. Before that on March 22, Goldman Sachs initiated coverage of the Company with a “buy” rating.
All in all, seven equity research analysts have kept “buy” rating on the stock. On average, the stock has “buy” rating and its average price target is $46.57.
In the preceding quarter, the Company reported earnings of $1.07 a share, edging past analysts’ consensus estimate of 98 cents a share, according to Reuters’ poll and way above year-earlier quarter earnings of 41 cents a share. Revenue also jumped 4% in the preceding quarter from same quarter of last year to $1.15 billion.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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