Hanesbrands Reports Strong Q3 2024 Performance

Hanesbrands Inc ( (HBI) ) has released its Q3 earnings. Here is a breakdown of the information Hanesbrands Inc presented to its investors.

Hanesbrands Inc., a global leader in iconic apparel brands, is known for its comfortable, quality, and value-focused basics and innerwear. In its latest earnings report, Hanesbrands announced a solid third-quarter performance for 2024, with profits exceeding expectations and an increase in operating cash flow. The company reported net sales of $937 million, consistent with the previous year on an organic constant currency basis, and highlighted significant improvements in gross and operating margins. Key financial metrics showed a 550% increase in GAAP EPS and an 850% increase in adjusted EPS compared to the previous year, driven by lower input costs and effective cost-saving initiatives. Moreover, Hanesbrands has successfully reduced its leverage and is on track to pay down $1 billion of debt in the second half of 2024. Looking forward, Hanesbrands is optimistic about continued margin improvements and cash generation, bolstered by strategic actions aimed at enhancing operational efficiencies and reducing costs. The company has raised its full-year outlook for operating profit and cash flow, reflecting confidence in its ongoing transformation and future growth potential.