Hanesbrands stock was hit hard on Thursday following the release of its earnings report for the third quarter of 2018.
Hanesbrands (NYSE:HBI) reported revenue of $1.85 billion for the third quarter of the year. This is up from the company’s revenue of $1.80 billion reported in the same period of the year prior. However, it is bad news for Hanesbrands stock by coming in below Wall Street’s revenue estimate of $1.87 billion for the quarter.
Earnings per share reported by Hanesbrands for the third quarter of 2018 came in at 55 cents. This is a drop from the company’s earnings per share of 60 cents from the third quarter of 2017. Despite this, it was still able to match analysts’ earnings per share estimate of 55 cents for the period.
Hanesbrands also reported net income of $171.42 million for the third quarter of the year. The American clothing brand company reported net income of $203.36 million during the same time last year.
Operating profit reported by Hanesbrands for the third quarter of 2018 was $256.89 million. This is down from the company’s operating profit of $258.47 million reported in the third quarter of the previous year.
Hanesbrands also provides its outlook for the fourth quarter of 2018 in its most recent earnings report. The company is expecting earnings per share between 46 cents and 50 cents on revenue ranging from $1.70 billion to $1.74 billion. Wall Street is looking for earnings per share of 48 cents on revenue of $1.70 billion for the fourth quarter of the year.
HBI stock was down 7% as of Thursday afternoon and is down 19% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.