Filed under: Company News, Earnings, Consumer Goods, Toys
Hasbro's (HAS) latest earnings topped Wall Street estimates but revenue was short of what analysts expected.
Sales of girls' products rose 21 percent. Sales of My Little Pony Equestria Girls dolls also resonated with customers.
The boys' category reported a 2 percent increase in sales, helped by Nerf and Marvel products. This was partially offset by weakening Beyblade sales.
Game sales fell 4 percent, hindered partly by declining sales of trading card game Duel Masters.
Sales of preschool products slipped 4 percent due to soft sales of core Playskool items.
The Pawtucket, R.I.-based company earned $32.1 million, or 24 cents a share, for the period ended March 30. That compares with a loss of $6.7 million, or 5 cents a share, a year earlier.
Stripping out favorable tax adjustments of 10 cents a share, earnings were 14 cents a share.
The year-ago period was pulled down by restructuring charges totaling 14 cents a share. It also had favorable tax adjustments of 4 cents a share a year ago.
Analysts surveyed by FactSet expected earnings for the latest period of 10 cents a share, on average.
Revenue edged up 2 percent to $679.5 million from $663.7 million, but missed Wall Street's estimate of $690.1 million.
Last week rival Mattel (MAT) reported an unexpected first-quarter loss, hurt by soft Barbie sales and markdowns to clear excess inventory.
Hasbro Inc. shares climbed $2.39, or 4.4 percent, to $57 in premarket trading Monday about an hour ahead of the market opening. Its shares are down slightly so far this year.
