2023-05-03 07:08:48 ET
- Hanesbrands press release ( NYSE: HBI ): Q1 Non-GAAP EPS of -$0.06 beats by $0.01 .
- Revenue of $1.39B (-12.0% Y/Y) beats by $30M .
-
For fiscal-year 2023, which ends on December 30, 2023, the Company continues to expect:
- Net sales from continuing operations of approximately $6.05 billion to $6.20 billion vs. $6.06B consensus, which includes a projected headwind of approximately $40 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 1% decline as compared to prior year on a constant currency basis and a 2% decline on a reported basis.
- GAAP operating profit from continuing operations to range from approximately $446 million to $496 million.
- Adjusted operating profit from continuing operations to range from approximately $500 million to $550 million, which includes a projected headwind of approximately $5 million from changes in foreign currency exchange rates.
- Charges for actions totaling approximately $61 million including Full Potential plan-related charges of approximately $54 million included in operating profit and refinancing-related charges of approximately $7 million included in interest and other expenses.
- Adjusted interest and other expenses of approximately $300 million.
- Tax expense of approximately $90 million to $100 million.
- GAAP earnings per share from continuing operations to range from approximately $0.14 to $0.25.
- Adjusted earnings per share from continuing operations to range from approximately $0.31 to $0.42 vs. $0.37 consensus
- Cash flow from operations of approximately $500 million.
- Capital investments of approximately $150 million, consisting of approximately $70 million of capital expenditures and approximately $80 million of cloud computing arrangements. Per GAAP, capital expenditures are reflected in cash from investing activities and certain cloud computing arrangements are reflected in Other Assets within cash flow from operating activities. The approximate $80 million of cloud computing arrangements is factored into the full-year cash flow from operations guidance of approximately $500 million.
- Free cash flow of approximately $430 million.
- Fully diluted shares outstanding of approximately 352 million.
For second-quarter 2023, which ends on July 1, 2023, the Company currently expects:
- Net sales from continuing operations of approximately $1.42 billion to $1.47 billion vs. $1.46B consensus, which includes a projected headwind of approximately $20 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 3% decline as compared to prior year on a constant currency basis and an approximate 5% decline on a reported basis.
- GAAP operating profit from continuing operations to range from approximately $55 million to $75 million.
- Adjusted operating profit from continuing operations to range from approximately $70 million to $90 million and includes a projected headwind of approximately $3 million from changes in foreign currency exchange rates.
- Charges for actions related to the Full Potential plan and other items of approximately $15 million.
- Interest and other expenses of approximately $80 million.
- Tax expense of approximately $10 million.
- GAAP loss per share from continuing operations to range from approximately $0.09 to $0.04.
- Adjusted loss per share from continuing operations to range from approximately $0.05 to $0.00 vs. $0.04 consensus
- Fully diluted shares outstanding of approximately 351 million.
For further details see:
Hanesbrands Non-GAAP EPS of -$0.06 beats by $0.01, revenue of $1.39B beats by $30M