Weak Earnings, Outlook Drag Shares of These 10 Firms on Thursday

3. Hanesbrands Inc. (NYSE:HBI)

Hanesbrands plummeted by 18.51 percent on Thursday, finishing at $6.25 apiece as investors sold off positions following disappointing earnings performance last year coupled with the company’s announcement of a change in leadership.

In its earnings release, HBI swung to a net loss of $12.88 million in the fourth quarter of 2024, reversing a $77.9 million net income posted in the same period a year ago. Meanwhile, net losses in full-year 2024 skyrocketed by 1,708 percent to $320 million from $17.7 million in 2023.

Revenues for the quarter grew 4.4 percent to $888 million from $850 million year-on-year, but revenues for full-year 2024 dipped by 3.6 percent to $3.507 billion from $3.639 billion in 2023.

On the same day, HBI announced that its CEO, Steve Bratspies, is stepping down from his post by the end of the year, or as soon as a successor is named. He will also exit from the company’s board of directors.

For the first quarter of the year, HBI expects net sales from continuing operations to settle between $3.47 billion and $3.52 billion, which includes projected headwinds of approximately $60 million from foreign exchange rates.