10:14 AM EST, 11/07/2024 (MT Newswires) -- Hanesbrands ( HBI ) shares climbed more than 20% in recent trading Thursday after the company reported that it swung to Q3 adjusted earnings that also topped analyst estimates along with higher-than-expected net sales.

The company reported Q3 adjusted earnings Thursday of $0.15 per diluted share, swinging from a loss of $0.02 a year earlier.

Analysts surveyed by Capital IQ expected adjusted EPS of $0.12.

Net sales for the quarter ended Sept. 28 were $937.1 million, down from $961.3 million a year earlier.

Analysts surveyed by Capital IQ expected $935.7 million.

The company said it expects Q4 adjusted EPS of about $0.14 on net sales of approximately $900 million. Analysts surveyed by Capital IQ expect adjusted EPS of $0.12 on revenue of $892.2 million.

For fiscal 2024, the company said it now expects adjusted EPS of approximately $0.39, up from its prior forecast of $0.31 to $0.37. Analysts surveyed by Capital IQ expect $0.35. Net sales are now forecast to be about $3.61 billion, compared with the prior range of $3.59 billion to $3.63 billion. Analysts polled by Capital IQ expect $3.58 billion.

Price: 8.56, Change: +1.46, Percent Change: +20.49