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Hasbro, Inc. (HAS) Tops Q1 EPS by 1c; Updates on Cost-Savings Initiative

April 22, 2013 6:33 AM
Hasbro, Inc. (NASDAQ: HAS) reported Q1 EPS of $0.05, $0.01 better than the analyst estimate of $0.04. Revenue for the quarter came in at $663.7 million versus the consensus estimate of $637.1 million.

As previously announced, the Company is undertaking a cost savings initiative designed to better align resources and costs while targeting $100 million in annual savings by 2015.

During the first quarter 2013, the Company incurred $28.9 million in pre-tax charges, or $0.14 per diluted share, associated with this initiative. The Company currently expects full year charges of $30 to $35 million, prior to potential pension charges. Potential pension charges could be up to $10 million dependent on the type of benefit payments pension participants request during the remainder of 2013.

Gross savings for 2013 are now expected to be $45 to $48 million, resulting in expected net savings of $13 to $15 million for the full-year, prior to potential pension charges.

For earnings history and earnings-related data on Hasbro, Inc. (HAS) click here.

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