Hanesbrands Inc., which makes clothing under a variety of brand names, saw its stock price rise by more than 16 percent on Thursday after it reported better-than-expected earnings and revenue in the fourth quarter, according to a filing with the Securities and Exchange Commission.

The Winston-Salem-based company net income of $161.6 million, or 44 cents per share, compared to a loss in the fourth quarter of 2017. Adjusted for costs related to mergers and acquisitions, the earnings were 48 cents, above the analyst consensus estimate of 47 cents per share.

Fourth quarter revenue of $1.77 billion, up 7 percent, beat analyst estimates of $1.72 billion in revenue.

“We had a strong fourth quarter with organic sales growth, margin expansion, double-digit operating profit growth, strong cash generation and significant debt and leverage reduction,” said Chief Executive Officer Gerald Evans in a statement.

Hanesbrands’ stock rose $2.62 to $18.19 in Thursday morning trading.

The Winston-Salem-based company reported strong double-digit global Champion growth, international innerwear growth in Australia, Asia and the Americas, and increased sales for underwear and shapewear in the United States.

Hanes initial guidance for 2019 expects net sales of $6.89 billion to $6.99 billion and earnings per share of $1.72 to $1.80 for 2019, as well as an operating profit of $900 million to $930 million.

Analysts are currently estimating that the company would have revenue of $6.8 billion in 2019 and earnings of $1.83.