HanesBrands Inc. announced strong third-quarter 2024 results on November 7, 2024, with operating profit, earnings per share, and cash flow exceeding company expectations. Net sales from continuing operations were $937 million.
The company reported income from continuing operations of $32 million, or $0.09 per diluted share, a significant improvement from a loss of $(6) million, or $(0.02) per diluted share, in the prior-year period. Adjusted income from continuing operations reached $52 million, or $0.15 per diluted share.
Gross profit and gross margin increased year-over-year, driven by lower input costs and cost savings initiatives. Interest expense decreased by approximately $8 million due to lower debt balances, and the company remains on track to pay down $1 billion of debt in the second half of 2024. HanesBrands also raised its full-year and fourth-quarter outlook for operating profit, EPS, and cash flow.
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