Maidenform posts higher 3Q profit, sales

AP News
Posted: Nov 10, 2009 6:07 PM

Intimate apparel company Maidenform Brands Inc. said Tuesday its third-quarter profit almost doubled, boosted by a tax benefit and solid sales of bras and shapewear.

The company earned $16 million, or 67 cents per share, up 90 percent from $8.4 million, or 36 cents per share, in the same period a year earlier. The latest quarter's results include a one-time tax benefit of 25 cents per share. Excluding this, adjusted earnings were 42 cents per share.

Revenue rose 14 percent to $128.7 million from $112.6 million.

Analysts, on average, were expecting a profit of 35 cents per share, according to a survey by Thomson Reuters. Analysts typically exclude one-time items from their estimates.

For the fourth quarter, Maidenform forecast a profit of 17 cents to 21 cents per share. Analysts expect 20 cents per share.

The company forecast earnings of $1.41 to $1.45 per share for the full year and adjusted earnings of $1.16 to $1.20 per share. Analysts expect $1.12 per share.

Maidenform expects revenue to grow by about 10 percent over 2008. Analysts are expecting $456.4 million, which amounts to a roughly 10 percent increase based on the $413.5 million of sales the company reported for the year.

Shares slid 1 cent to $16.18 in after-hours trading after closing up 40 cents, or 2.5 percent, at $16.19.