Hanesbrands misses by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus
- Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $0.08; revenues fell 15.9% year/year to $1.47 bln vs the $1.47 bln S&P Capital IQ Consensus.
- Co issues downside guidance for Q1, sees EPS of ($0.09)-($0.04), excluding non-recurring items, vs. $0.15 S&P Capital IQ Consensus; sees Q1 revs of ~$1.35-1.40 bln vs. $1.42 bln S&P Capital IQ Consensus.
- Co issues downside guidance for FY23, sees EPS of ~$0.31-0.42, excluding non-recurring items, vs. $0.95 S&P Capital IQ Consensus; sees FY23 revs of ~$6.05-6.20 bln vs. $6.23 bln S&P Capital IQ Consensus.
- With respect to its 2023 guidance, the Company's outlook reflects, but is not limited to, the following assumptions: a muted consumer demand environment given the continued macroeconomic uncertainty; first-half margin pressure as it sells through the remainder of its higher-cost inventory; and year-over-year improvement in second-half margins, particularly the fourth quarter, as lower-cost inventory currently being produced is sold and it anniversaries last year's manufacturing time-out costs related to its inventory reduction initiative in 2022. The Company's outlook also assumes completion of the expected refinancing of indebtedness with 2024 maturities.
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