NEW YORK (TheStreet) -- Hanesbrands (HBI) - Get Report stock is falling 4.36% to $32.65 in after-hours trading on Thursday following the release of the apparel maker's second quarter financial results today.
The Winstom-Salem, NC-based company reported second quarter net income of $265 million, a 15% increase over the same period last year, or 50 cents per diluted share on revenue of $1.52 billion.
Analysts' on average were expecting the company to report earnings of 50 cents per share on revenue of $1.56 billion.
For the year, the company provided earnings guidance between $1.61 and $1.66 per share on revenue of $5.9 billion.
"We continue to deliver double-digit growth in adjusted operating profit and EPS as expected, and we are tracking to our full-year profit expectations," said CEO Richard Noll. "The integrations of our DBApparel and Knights Apparel acquisitions are proceeding on plan, and we continue to reap benefits from the past acquisitions of Gear for Sports and Maidenform. Our brand innovation platforms and global supply chain performance continue to drive margin improvement."
TheStreet Ratings team rates HANESBRANDS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HANESBRANDS INC (HBI) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."