HanesBrands Completes Acquisition of DBApparel and Increases Full-year Earnings Guidance
Reflecting the DBA acquisition, company increases 2014 financial guidance, including raising adjusted EPS expectations by $0.20 to a range of $5.40 to $5.60.
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The acquisition of DBA from Sun Capital Partners, Inc., which closed Friday, Aug. 29, 2014, is expected to be immediately accretive to adjusted earnings in 2014 and is expected to add approximately $1.00 of adjusted EPS within three to four years. The year-end holiday season is DBA's strongest earnings period with September through December typically generating approximately a third of annual sales but approximately half of annual operating profit. Hanes expects to benefit in 2014 by only incurring one-third of a year's interest expense for financing the DBA acquisition while gaining a larger proportion of annualized profit performance during the seasonally strong holiday period.
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