Toy company Hasbro Q3 results climb, helped by tax adjustment
APPAWTUCKET, Rhode Island -- Hasbro's third-quarter net income rose 17 percent, buoyed by a favorable tax adjustment and higher sales. Its adjusted results and revenue topped analysts' estimates.
October 22, 2013, 12:06 am TWN
Sales were strongest in the girls' category led by My Little Pony products and showed an increase in games, while sales in the boys' category fell and preschool sales slipped.
Its stock rose in premarket trading on Monday.
The quarterly results come as toy makers gear up for the holiday season, which can account for up to half their annual revenue.
The No. 2 toy maker earned US$193 million, or US$1.46 per share, for the three months ended Sept. 29. That compares with US$164.9 million, or $1.24 per share, a year earlier.
Excluding 18 cents per share for the tax adjustment and restructuring and pension charges of 3 cents per share, earnings were US$1.31 per share. Analysts polled by FactSet expected adjusted earnings of US$1.30 per share, on average.
Revenue for the Pawtucket, Rhode Island, company rose 2 percent to US$1.37 billion on strong sales overseas and in its girls category and entertainment and licensing segment. Wall Street was calling for revenue of US$1.35 billion.