Shares of HanesBrands (HBI) are rising over 4% Thursday morning, after the company reported better-than-expected Q2 results. The stock has been trading in the range of $6.96 - $16.40 for the past one year, and is currently trading at $15.28, up 64 cents or 4.37% in the Thursday's regular session.
The company's second-quarter net income was $161.2 million or $0.46 per share compared to $149.6 million or $0.41 per share last year.
Adjusted earnings were $0.60 per share compared to $0.38 per share reported in the same period of last year.
Net sales declined to $1.74 billion from $1.76 billion generated a year ago. The year-ago quarter included net sales of $119 million from the now exited C9 Champion mass program and the DKNY intimate apparel license.
Excluding the exited programs and foreign exchange rates, total constant-currency net sales for second-quarter 2020 increased 7%.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenue of $1.17 billion. Analysts' estimates typically exclude special items.
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