by Christopher Freeburn | October 22, 2012 10:36 am
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.
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.
Source URL: http://investorplace.com/2012/10/hasbro-beats-q3-earnings-forecasts/
Short URL: http://invstplc.com/1ftXrh3
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.