Investing.com - Hanesbrands (NYSE:HBI) shares were moving higher in the after hours as the company released second quarter results which showed an increase in both sales and profits.
For the second quarter ended July 1, 2017, net sales totaled $1.65 billion, up 12% year-over-year. On a GAAP basis, second-quarter operating profit was $229 million, up 3% year-over-year, while diluted EPS was $0.47, a 38% increase. Adjusted EPS (the figure comparable to analyst estimates ) was $0.53, an increase of 4%, and in line with the average analyst estimate of $0.53.
Growth was largely driven by acquisitions, which contributed approximately $220 million in net sales in the second quarter. Organic sales decreased 3%. Hanes reaffirmed its full-year guidance for 2017, with the company expecting net sales of $6.45 billion to $6.55 billion and adjusted EPS for continuing operations of $1.93 to $2.03. Analysts, on average, expect full-year EPS will come in at $1.97.
For the full-year, the company expects incremental sales from acquisitions to be about $440 million. Full-year organic sales growth is expected to range from flat to up 2%.
Hanesbrands closed Tuesday's regular session up 0.52% at $23.04. They were up another 6.3% in the after hours session.