RTTNews | Feb 9, 2021 10:49AM EST

10:49 Tuesday, February 9, 2021 (RTTNews.com) - Shares of branded apparel maker Hanesbrands Inc. (HBI) are climbing more than 20% Tuesday morning on better-than-expected fourth-quarter results. The company also provided first-quarter outlook better than analysts' view.

Hanesbrands reported net loss of $332 million, or $0.95 per share in the fourth quarter compared with net income of $185 million, or $0.51 per share in the prior year period.

Excluding items, adjusted earnings were 0.38 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.29 per share.

Net sales for the quarter grew to $1.8 billion compared with $1.75 billion in the same quarter a year ago. The consensus estimate was for $1.64 billion.

Looking forward to the first quarter, the company expects first-quarter net sales to be in the range of $1.485 billion to $1.515 billion and earnings per share are expected to range from $0.24 to $0.27. Analysts expect the company to report earnings of $0.18 per share on revenue of $1.46 billion for the period.

HBI touched a new 52-week high of $19.72 this morning before declining to $19.21 currently.

Read the original article on RTTNews ( https://www.rttnews.com/3168237/stock-alert-hanesbrands-touches-new-52-week-following-q4-results.aspx)

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