Hanesbrands Boasts Massive Q2 Beat After PPE Garment Pivot
The ability of Hanesbrands (NYSE: HBI) to transform its underwear production lines to manufacture personal protective equipment meant that what would have been a devastating quarter instead generated $0.60 per share in adjusted profit, blowing away Wall Street's expectation of a $0.07 per share loss.
Even Hanesbrands' management was taken by surprise, with CEO Gerald Evans Jr. saying, "We performed significantly better than our base-case scenario in both our apparel business and our new protective garment business."
Just before the market opened this morning, Hanesbrands stock was running 8% higher and hitting levels not seen since Thanksgiving.
Source Fool.com
