Hasbro (HAS) Misses Q2 EPS Views as Center of Excellence Costs Weigh
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Hasbro (NYSE: HAS) shares are trading modestly lower Monday morning following mixed results from its second-quarter earnings report.
Revenue in the quarter increased 23 percent from $737.79 million to $908.45 million. The number was stronger than $857.5 million expected by the Street.
Net income jumped 33 percent to $58.05 million, or 42 cents per diluted share. Adjusting for a pre-tax expense and favorable tax adjustment related to establishing a Center of Excellence for Hasbro Games in Rhode Island, earnings were a slimmer 33 cents per share, shy of the 39 cents sought by the Street.
In the second quarter, worldwide net revenue in the Boys product category increased 96 percent to $460.4 million; sales to the Games and Puzzles category decreased 12 percent to $231.3 million; the Girls category declined 11 percent to $119.1 million; and the Preschool category was down 10 percent to $97.6 million.
International revs increased 43 percent to $374.5 million, while Entertainment and Licensing saw an 11 percent drop to $27.2 million.
For all the movie-goers out there, the latest Transformers was not in the quarter and results will be recorded next quarter.
Hasbro shares are volatile in pre-market action however last traded at $41.40, up 0.07 percent from Friday's closing price.
Revenue in the quarter increased 23 percent from $737.79 million to $908.45 million. The number was stronger than $857.5 million expected by the Street.
Net income jumped 33 percent to $58.05 million, or 42 cents per diluted share. Adjusting for a pre-tax expense and favorable tax adjustment related to establishing a Center of Excellence for Hasbro Games in Rhode Island, earnings were a slimmer 33 cents per share, shy of the 39 cents sought by the Street.
In the second quarter, worldwide net revenue in the Boys product category increased 96 percent to $460.4 million; sales to the Games and Puzzles category decreased 12 percent to $231.3 million; the Girls category declined 11 percent to $119.1 million; and the Preschool category was down 10 percent to $97.6 million.
International revs increased 43 percent to $374.5 million, while Entertainment and Licensing saw an 11 percent drop to $27.2 million.
For all the movie-goers out there, the latest Transformers was not in the quarter and results will be recorded next quarter.
Hasbro shares are volatile in pre-market action however last traded at $41.40, up 0.07 percent from Friday's closing price.
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