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Hasbro Shares Fall On Q3 Earnings, Sales Miss

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Hasbro Shares Fall On Q3 Earnings, Sales Miss

Hasbro, Inc. (NASDAQ: HAS) reported third-quarter earnings of $1.84 per share on Tuesday, missing the consensus estimate of $2.21 by 16.74%. 

The toymaker posted quarterly sales of $1.58 billion, missing the consensus estimate of $1.72 billion by 8.14%.

During the third quarter, Hasbro entered into a definitive agreement to acquire Entertainment One Ltd, or eOne, in an all-cash transaction valued at approximately 3.3 billion pounds ($4.2 billion). 

As a result of hedging part of the British pound purchase price of eOne, Hasbro said it recognized an after-tax foreign exchange loss of $20.9 million, or 16 cents per diluted share.

"We are pleased with the progress toward completing our acquisition of eOne, including last week's overwhelming approval by eOne shareholders. We expect to close the transaction during the fourth quarter," Hasbro CEO Brian Goldner said in a statement. 

Hasbro shares were down 10.12% at $108 at the time of publication. The stock has a 52-week high of $126.87 and a 52-week low of $76.84. 

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Posted-In: ToysEarnings News Best of Benzinga

 

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