Hasbro (NASDAQ: HAS) shares rallied in early trading after earnings exceeded Wall St.’s expectations.
The second-largest U.S. toymaker said this morning that its second-quarter net earnings, excluding charges, totaled $46.0 million, or $0.33 per share. Hasbro attributed the 25% year-over-year decline in net income to weak sales in most categories as Americans hold off on buying toys until later in the year. Net revenues for the quarter came to $811.5 million, a decrease of 11% from the same period in 2011. That fell short of consensus estimates.
“In the U.S. and Canada, we have gained share,” said CEO Brian Goldner, “and the teams are focused on returning to historical levels of operating profit as well as partnering with U.S. retailers to shift shipments closer to the peak consumer demand periods in the third and fourth quarters.”
Goldner also said that the company expects its full-year earnings per share and revenue will increase, when excluding the stronger dollar’s impact.
Larger rival Mattel (NASDAQ: MAT) said last week its second-quarter net income rose 20% on lower costs and strength in its Barbie and American Girl dolls.
Hasbro’s shares rose about 5% to $34.54 in early trading. The 52-week range is $31.36 to $40.78.
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