NEW YORK (TheStreet) -- Shares of Hanesbrands  (HBI) - Get Report are rising by 12.32% to $31 in after-hours trading on Wednesday, following the release of the apparel company's 2015 third quarter financial results, which highlighted better than expected earnings and revenue.

The company posted adjusted earnings of 50 cents per share, a 16% increase when compared to the same period last year. Analysts had forecast for earnings of 45 cents per share for the most recent quarter.

Net sales for the third quarter gained 14% to $1.59 billion versus the $1.57 billion analysts were expecting.

"We had another great quarter of double-digit growth that reflects our continued value-creation potential," company CEO Richard A. Noll said in a statement. "We again have increased our operating profit and EPS guidance as we continue to drive growth and margin improvement through innovation and acquisition integration."

The company's adjusted earnings for the full year is expected to be $1.66 to $1.68 per share. Analysts had estimated for earnings of $1.64 a share.

Separately, TheStreet Ratings team rates HANESBRANDS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

We rate HANESBRANDS INC (HBI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: HBI

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