Hanesbrands net income falls on acquisition costs
WINSTON-SALEM, N.C. (AP) — Hanesbrands Inc. said Thursday that first-quarter net income fell 19 percent, but the results excluding acquisition costs beat expectations, and the maker of T-shirts and underwear raised its outlook for full-year adjusted profit.
The company's shares rose in after-hours trading.
The company, which sells clothing under the Hanes, Champion, Playtex and Maidenform brands, said it expects 2014 results to include adjusted profit of $4.80 to $5 per share — up 20 cents per share since a January forecast — and sales of nearly $5.1 billion. Analysts were expecting $4.73 per share on $5.08 billion in revenue.
In the first quarter, net income fell to $41.6 million, or 41 cents per share, from $51.4 million, or 51 cents per share, a year earlier.
Excluding one-time items such as acquisition and integration costs, the company said it would have earned 76 cents per share.
Revenue rose 12 percent on the Maidenform acquisition to $1.06 billion. Without Maidenform, sales were flat.
Analysts, who usually exclude one-time items, expected the company to earn 58 cents per share on revenue of $1.07 billion.
The shares finished regular trading up $1.01 at $75.43. In late trading after the report, they were up an $2.57, or 3.4 percent, to $75.43.