Hasbro Inc. (NASDAQ: HAS) reported its first-quarter financial results before the markets opened on Monday. The company posted $0.43 in earnings per share (EPS) and $849.7 million in revenue, versus consensus estimates from Thomson Reuters that called for $0.37 in EPS and $833.3 million in revenue.
During the first quarter, U.S. and Canada segment net revenues increased 2% to $451.6 million compared to $443.6 million in 2016. Revenue growth in Hasbro Gaming and Emerging Brands offset a decline in Franchise Brands and Partner Brands.
The International segment net revenues of $345.3 million were essentially flat. Revenue growth in Franchise Brands, Hasbro Gaming and Emerging Brands was offset by a decline in Partner Brands.
Entertainment and Licensing segment net revenues increased 24% to $52.7 million compared to $42.5 million. Digital gaming drove the quarterly revenue increase, including higher revenues at Backflip Studios. The Entertainment and Licensing segment operating profit increased 108% to $11.3 million.
The company paid $63.4 million in cash dividends to shareholders during the first quarter. The next quarterly cash dividend payment of $0.57 per common share is scheduled for May 15. On the books, Hasbro’s cash and cash equivalents totaled $1.46 billion at the end of the quarter, compared with $1.10 in the same period from last year.
Brian Goldner, Hasbro’s board chair and chief executive, commented:
Our first quarter results are in line with our previously communicated expectations and we are well positioned to execute against 2017’s rich content slate and diverse new initiatives. Revenue grew in the quarter and we drove strong consumer takeaway at retail, both compared to a robust first quarter last year and with a shift of Easter into this year’s second quarter. Over the coming quarters, we are supporting significant new initiatives including major theatrical films for both Franchise and Partner Brands.
Shares of Hasbro closed Friday at $96.03, with a consensus analyst price target of $100.00 and a 52-week trading range of $76.14 to $101.08. Following the release of the earnings report, the stock was up nearly 6% at $101.50 in early trading indications Monday.
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