UPDATE: Hasbro Posts In-Line Q2 Profit
Hasbro (NASDAQ: HAS) reported in-line earnings for the second quarter.
Hasbro's quarterly net earnings fell to $33.5 million, or $0.26 per share, versus $36.5 million, or $0.28 per share, in the year-ago period. Excluding an unfavorable tax adjustment of $0.10 per share, its adjusted net earnings came in at $47.3 million, or $0.36 per share.
Its net revenue rose 8% to $829.3 million from $766.3 million. The latest quarter revenue included an unfavorable $1.2 million impact of foreign exchange. However, analysts were projecting earnings of $0.36 per share on revenue of $838.9 million.
US and Canada segment net revenue fell 2% to $383.0 million from $389.2 million, while international segment net revenue climbed 17% to $396.8 million from $340.2 million.
Entertainment and Licensing segment net revenue surged 35% to $47.7 million versus $35.3 million.
Hasbro's net revenue in the Boys category climbed 32% to $335.8 million, while Games category revenue declined 12% to $225.7 million. Revenue in the Girls category surged 10% to $163.8 million, while Preschool category revenue slipped 4% to $103.9 million.
During the second quarter, the company repurchased a total of 2.5 million shares at an average price of $54.06 per share.
The company's press release offered the following comment from Brian Goldner, Hasbro's President and Chief Executive Officer:
“Second quarter performance reflects our continuing re-imagination of brands across the brand blueprint and the positive impact of our investment and focus on strategic growth opportunities within Hasbro.”
Hasbro's shares gained 0.55% to close at $53.21 on Friday.
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