by Christopher Freeburn | July 23, 2012 10:07 am
Hasbro (NASDAQ:HAS) said on Monday that its second-quarter profit tumbled to $43.4 million, down from $58 million during the same time last year. EPS for the quarter was 33 cents, down from 42 cents in 2011.
That still beat analysts, who were looking for earnings of 23 cents a share, Reuters noted.
Investors were pleased, sending Hasbro shares up almost 3% in early Monday morning trading.
Sales for the toymaker dropped to $811.5 million during the second quarter, down 11% compared to last year. That disappointed Wall Street, which had forecast sales of $828.6 million. The weaker-than-expected sales numbers were the result of a 19% dive in sales in Canada and the U.S., while a strengthening dollar cut into overseas sales.
Last week, toymaking rival Mattel (NASDAQ:MAT) posted second-quarter earnings and revenue that easily beat Wall Street estimates.
Hasbro is teaming with Adam Sandler’s production company and Sony (NYSE:SNE) to bring an animated movie based on its popular Tonka Trucks toy line to the big screen. An earlier board-game-turned-into-a-movie project, Battleship was torpedoed by moviegoers this spring.
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