Hanesbrands (NYSE:HBI) stock was falling hard on Wednesday following the release of its earnings report for the second quarter of 2018.
Hanesbrands’ earnings report for the second quarter of the year includes earnings per share of 45 cents. This is down from its earnings per share of 53 cents that was reported in the second quarter of 2017. It was also a blow to HBI stock by coming in below Wall Street’s earnings per share estimate of 46 cents for the quarter.
The most recent quarter of 2018 also saw Hanesbrands reporting net income of $140.63 million. The American clothing company’s net income from the same period of the year prior was $172.53 million.
During the second quarter of the year, Hanesbrands reported operating profit of $220.06 million. This is a drop from the company’s operating profit of $233.71 million that was reported in the second quarter of the previous year.
Hanesbrands also reported revenue of $1.72 billion for the second quarter of 2018. This is an increase over the company’s revenue of $1.65 billion that was reported during the same time last year. It also beat out analysts’ revenue estimate of $1.71 billion for the quarter, but wasn’t enough to save HBI stock today.
The most recent earnings report from Hanesbrands also has the company reaffirming its guidance for the full year of 2018. The company is expecting earnings per share ranging from $1.72 to $1.80 on revenue between $6.72 billion and $6.82 billion. Wall Street is looking for earnings per share of $1.77 and revenue of $6.77 billion from HBI in 2018.
HBI stock was down 19% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.