Hasbro Q3 Profit Tops Estimates

reported better-than-expected earnings for the third quarter on Monday. The Pawtucket, Rhode Island-based company reported quarterly net earnings of $207.6 million, or $1.64 per share, versus $180.5 million, or $1.40 per share, in the year-ago period. Excluding non-recurring items, the company earned $1.58 per share. Its revenue came in flat at $1.47 billion for the quarter. However, analysts were expecting earnings of $1.52 per share on revenue of $1.48 billion. The average estimate among 48 Estimize users was for earnings of $1.53 per share and revenue of $1.48 billion. U.S. and Canada Segment net revenue rose 5 percent to $803.8 million in the quarter, while International Segment revenue slipped to $612.6 million from $649.3 million. Entertainment and Licensing Segment revenue fell 2 percent to $52.1 million in the latest quarter. Its net revenue in the Boys category gained 24 percent to $593.1 million, while Games category revenue slipped 8 percent to $363.5 million. Girls category revenue dropped 28 percent to $294.8 million, while Preschool category revenue climbed 17 percent to $219.6 million. During the quarter, the company repurchased 338,077 shares of common stock at an average price of $76.88 per share. "Strong global consumer demand across Hasbro Franchise Brands and Partner Brands drove continued momentum in our business," said Brian Goldner, Hasbro's Chairman, President and Chief Executive Officer. "Brand innovation and superior market execution delivered not only underlying revenue growth, but higher profitability in a very challenging foreign exchange environment. We have innovative play experiences and marketing initiatives across brands, demographics and geographies this holiday season and remain focused on executing and investing for continued growth in future years." Hasbro shares gained 3.25 percent to close at $77.78 on Friday.