HanesBrands Increases 2015 Adj. EPS Guidance

(RTTNews) - HanesBrands (HBI) announced that, based on year-to-date results and the outlook for the remaining quarter of the year, the company has refined its full-year 2015 guidance for net sales and increased guidance for adjusted operating profit and adjusted EPS.

HanesBrands increased its full-year expectations for adjusted EPS to a range of $1.66 to $1.68, or $0.44 to $0.46 for the fourth quarter. Previous full-year guidance was $1.61 to $1.66. The company said the increase reflects increased profitability and benefits of share repurchases that are expected to more than offset currency headwinds.

The company said its full year GAAP EPS could be in the range of $1.14 to $1.17. GAAP operating profit for 2015 could be in the range of $640 million to $650 million.

To reflect higher profit margins, the company has increased its guidance for full-year adjusted operating profit to a range of $880 million to $890 million, or approximately $231 million to $241 million in the fourth quarter. The previous full-year guidance range was $855 million to $875 million.

The company now expects full-year net sales of approximately $5.85 billion and fourth-quarter net sales of approximately $1.525 billion. Previous guidance for full-year net sales was slightly less than $5.9 billion. The growth of core sales, which exclude acquisitions and a retailer exit from Canada, are expected to be approximately 2 percent for the full year and 3 percent for the fourth quarter, when adjusting for currency fluctuations and the impact of last year's 53rd week.

For the third-quarter 2015, earnings per share, as adjusted, was $0.50. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

For the third-quarter, net sales increased 14 percent to $1.59 billion. Core sales, which exclude acquisitions and a retailer exit from Canada, increased 3 percent in constant currency. Analysts expected revenue of $1.57 billion for the quarter.