After last night announcing preliminary Q1 results and the retirement of CFO Richard Moss, shares of innerwear and active wear apparel company Hanesbrands (HBI 21.10, -0.01 -0.05%) trade about flat at the moment, paring opening gains.
As for the guidance HBI expects to report Q1 net sales of about $1.38 billion, slightly below market expectations, and strong net cash from operations. HBI expects a modest use of cash for the quarter of $25 million to $50 million. HBI also noted that in Q1, the company expects to incur about $35 million to $40 million in pretax acquisition-related integration charges related to Hanes Europe Innerwear, Hanes Australasia, Knights Apparel and Champion Europe.
For earnings from continuing operations, the company expects GAAP earnings per diluted share of $0.19 to $0.20 and adjusted EPS excluding actions of $0.28 to $0.29, modestly ahead of market expectations.
The company also reaffirmed its full-year 2017 financial guidance issued in February, including expectations for net sales, operating profit, EPS, cash from operations, and acquisition-related pretax charges. Specifically, those expectations call for FY17 EPS of $1.93-2.03 on revenues between $6.45-6.55 billion.
Additionally, HBI announced last night the retirement of CFO Richard Moss. Moss will retire at the end of 2017, and the company has already begun an internal and external search for CFO candidates to succeed Moss.
Full Q1 results will be reported on May 2, 2017 after the close.