Hanesbrands Inc (HBI)

Hanes Brands (HBI) stock dropped by 8.05% due to quarterly earnings miss. The key metrics of the latest quarter are below expectations, which led to a decline in stock price. Here are the details:

• Earnings Miss: The company reported quarterly earnings of $0.03 per share, falling short of the Zacks Consensus Estimate of $0.09 per share and marking a decrease from $0.07 per share in the previous year. This represents an earnings surprise of -66.67%. Despite beating estimates only once in the last four quarters, the company has struggled to meet investor expectations.
• Revenue Disappointment: The company posted revenues of $1.3 billion for the quarter ended December 2023, missing the Zacks Consensus Estimate by 4.77% and declining from year-ago revenues of $1.47 billion. HanesBrands has only surpassed consensus revenue estimates once over the last four quarters, indicating ongoing challenges in revenue generation.
• Future Outlook Uncertainty: The stock's immediate price movement and future prospects will heavily rely on management's commentary during the earnings call. Investors will keenly observe any insights provided regarding the company's strategies to address its earnings and revenue shortfall and sustain future growth.

Shares of Hanesbrands Inc. (HBI) dropped by 6.47% from $4.02 to $3.76 in the trading on Monday, Novemeber 13, 2023. The reasons why HBI down is due to its mixed Q3 report. Hanesbrands, on November 9, reported its Q3 2023 financial results, which were mixed and may have disappointed investors. The company's total revenue for the first three quarters of the year was $4.34 billion, reflecting an 8.84% decline compared to the same period the previous year. This decline in revenue likely raised concerns about the company's top-line performance. Additionally, Hanesbrands reported a net loss of $95.67 million for the first three quarters, which could have further dampened investor sentiment.

Shares of Hanesbrands Inc (HBI) dropped by 5.21% from $4.22 to $4.00 in the trading on Thursday, Novemeber 9, 2023. The reason why HBI down is due to the company's weaker-than-expected third-quarter 2023 results and disappointing guidance.

• Q3 Performance: Adjusted earnings per share came in at 10 cents, missing the Zacks Consensus Estimate of 11 cents and down from 29 cents in the previous year's quarter. Net sales from continuing operations fell 9.5% to $1,511.3 million, below the Zacks Consensus Estimate of $1,544 million. Declines in the U.S. Activewear and consumer spending in Australia were the main contributors to the revenue decrease.
• Guidance: Due to the slowdown in consumer spending in Australia and softness in the U.S. activewear category, Hanesbrands Inc. lowered its 2023 guidance. The company expects 2023 net sales from continuing operations to be about $5.70 billion, including a currency headwind of nearly $65 million, reflecting a nearly 9% year-over-year decline on a reported basis. Adjusted operating profit from continuing operations is expected to be $425 million, including a currency headwind expectation of roughly $10 million.