Hasbro stock was hit hard on Monday following the release of its earnings report for the third quarter of 2018.
During the third quarter of the year, Hasbro (NASDAQ:HAS) reported earnings per share of $1.93. This is a decrease over the company’s earnings per share of $2.03 reported during the same time last year. It was also bad news for Hasbro stock by coming in below Wall Street’s earnings per share estimate of $2.23 for the quarter.
Hasbro’s earnings report for the third quarter of 2018 also includes net income of $263.86 million. The toy company’s net income reported for the third quarter of 2017 was $265.58 million.
Operating profit reported by Hasbro for the third quarter of the year came in at $313.34 million. This is a drop from the company’s operating profit of $360.94 million that was reported in the same period of the year prior.
Hasbro also reported revenue of $1.57 billion for the third quarter of 2018. This is down from the company’s revenue of $1.79 billion reported in the third quarter of the previous year. It also wasn’t good news for Hasbro stock by missing analysts’ revenue estimate of $1.71 billion for the period.
Hasbro notes that its U.S. and Canada revenue for the most recent quarter was down 7% to $924.20 million. The company’s International revenue for the quarter was down 24% to $560.70 million. Despite these two decreases, HAS’ Entertainment and Licensing revenue for the third quarter of the year was up 45% to $84.80 million.
HAS stock was down 5% as of Monday morning, but is up 6% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.