Hasbro Beats Q3 Earnings Forecasts

It plans a strong marketing effort for the holiday shopping season

   

Hasbro Beats Q3 Earnings Forecasts

Hasbro (NASDAQ:HAS) announced on Monday that it earned $164.9 million during the third quarter, down from $171 million in the same time last year. Adjusted EPS came in at $1.28, topping the $1.20 anticipated by Wall Street, the Associated Press noted.

The toymaker reported quarterly revenue of $1.35 billion, down 2% from $1.38 billion in 2011. Excluding the negative impact of currency exchange rates, revenue was $1.39 billion. Analysts had estimated revenue of $1.38 billion.

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Shares of Hasbro rose more than 1% in Monday morning trading.

Company officials noted that international revenue dropped 7%, mostly due to currency fluctuations caused by a rising U.S. dollar.  North American sales rose 1%. Sales of girls’ toys rose 17%, while the boys’ segment fell 12%, compared to last year.

Hasbro said it planned to make a major marketing push into the holiday shopping season, promoting a variety of toys, including its Marvel product line. Retail inventories are low this year, the company noted, predicting higher full-year earnings and revenue compared to last year, after currency exchange rates are excluded.

Last week, toy-making rival Mattel (NASDAQ:MAT) reported higher third-quarter earnings and revenue that topped analysts’ estimates.


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/hasbro-beats-q3-earnings-forecasts/.

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