Hanesbrands Reiterates FY2024 Outlook: Adj EPS $0.42-$0.48 vs $0.43 Est; Sales $5.350B-5.470B vs $5.33B Est

Author: Benzinga Newsdesk | May 09, 2024 07:14am

For fiscal year 2024, which ends on December 28, 2024, the Company currently expects:

Net sales of approximately $5.35 billion to $5.47 billion, which includes projected headwinds of approximately $50 million from the U.S. Sheer Hosiery divestiture and approximately $45 million from changes in foreign currency exchange rates. At the midpoint, this represents an approximate 4% decrease as compared to prior year on a reported basis and an approximate 2% decrease on an organic constant currency basis.
GAAP operating profit of approximately $430 million to $450 million.
Adjusted operating profit of approximately $500 million to $520 million, which includes a projected headwind of approximately $9 million from changes in foreign currency exchange rates.
Pretax charges for actions related to the Full Potential transformation plan and the global Champion performance plan of approximately $70 million.
GAAP and Adjusted Interest expense of approximately $260 million.
GAAP and Adjusted Other expenses of approximately $36 million.
GAAP and Adjusted Tax expense of approximately $55 million.
GAAP earnings per share of approximately $0.22 to $0.28.
Adjusted earnings per share of approximately $0.42 to $0.48.
Cash flow from operations of approximately $400 million.
Capital investments of approximately $75 million, consisting of approximately $65 million of capital expenditures and approximately $10 million of cloud computing arrangements. Per GAAP, capital expenditures are reflected in cash from investing activities and certain cloud computing arrangements are reflected in Other Assets within cash flow from operating activities. The approximate $10 million of cloud computing arrangements is factored into the full year cash flow from operations guidance of approximately $400 million.
Free cash flow of approximately $335 million.
Fully diluted shares outstanding of approximately 354 million.