By  on January 29, 2014

Hanesbrands Inc. late Wednesday lifted its projections for the new year after easily beating fourth-quarter expectations.

For the quarter ended Dec. 28, the Winston-Salem, N.C.-based innerwear and knitwear giant reported net income of $32.3 million, or 32 cents a diluted share, down 59.9 percent from the $80.4 million, or 81 cents, reported in the final quarter of 2012. Eliminating onetime items, such as acquisition and integration expenses related to its acquisition of Maidenform Brands Inc. in the most recent quarter and debt repayment expenses in the prior-year period, earnings per share hit 98 cents, better than the 90 cents expected, on average, by analysts but below the $1.07 reported in the 2012 quarter.

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