Hanesbrands Inc. posted second-quarter results in which profits rose 27.1 percent and net sales were up 11.9 percent.
For the three months ended June 28, net income rose to $154.6 million, or $1.51 a diluted share, from $121.6 million, or $1.19, in the year-ago quarter. Net sales rose 11.9 percent to $1.34 billion from $1.2 billion. Wall Street analysts were expecting on average $1.50 on revenues of $1.35 billion.
The company said its second-quarter results were driven by acquisition benefits, activewear performance and supply-chain manufacturing execution.
For the six months, the company said net income rose 13.4 percent to $196.1 million on a sales increase of 12 percent to $2.4 billion.
Richard A. Noll, chief executive officer, said, “Our record first-half results are a testament to the value we are creating through our Innovate-to-Elevate, self-owned supply chain and acquisition strategies.”
The company acquired Maidenform Brands Inc. in October. It recently said it will acquire DBApparel, although that deal hasn’t yet closed.
Noll added, “The soundness of our strategies coupled with our strong balance sheet and disciplined use of free cash flow gives us confidence in the value-creation potential of our business model for many years to come.”
Based on second-quarter results, the company has raised its 2014 full-year financial guidance. It now expects full-year adjusted earnings per share of $5.20 to $5.40, and an adjusted operating profits of between $710 million and $730 million. It also is projecting net sales for the year at $5.08 billion.
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