Shares of Hanesbrands (NYSE:HBI) cratered today after it reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted Earnings per share came in at $0.07, which missed analysts’ consensus estimate of $0.08 per share. Sales decreased by 16% year-over-year, with revenue hitting $1.47 billion. This was in line with expectations
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Looking forward, management now expects revenue and adjusted earnings per share for Q1 2023 to be in the ranges of $1.35 billion to $1.4 billion and -$0.04 to -$0.09, respectively. For reference, analysts were expecting $1.42 billion in revenue along with an adjusted EPS of $0.15.
In addition, the company announced that it will be stopping its quarterly dividend payment in order to reduce debt.
Overall, Wall Street analysts have a consensus price target of $7.25 on HBI stock, implying over 8% upside potential, as indicated by the graphic above.
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue