Hasbro Inc. (NASDAQ: HAS) released its fiscal second-quarter results before the markets opened Monday. The company said that it had $0.48 in earnings per share (EPS) and $904.5 million in revenue, compared with consensus estimates from Thomson Reuters that called for $0.29 in EPS and revenue of $833.12 million. The same period of last year reportedly had EPS of $0.53 on $972 million in revenue.
During the latest quarter, U.S. and Canada segment net revenues decreased 7%, while International segment net revenues were down 11%. Much of this was due to the closure of Toys “R” Us. Separately, Entertainment and Licensing segment net revenues increased 26%.
The company did not offer any guidance for the coming quarter, though the consensus estimates call for $2.34 in EPS and $833.12 million in revenue.
Brian Goldner, Hasbro’s board chair and chief executive, commented:
2018 is unfolding as expected as our teams manage the liquidation of Toys“R”Us in many markets and address the rapidly evolving European retail landscape. We are investing in our business – in innovation, entertainment and a modern global commercial organization, to drive profitable growth in 2019 and beyond. Consumer takeaway is up for our brands, and we further strengthened our brand portfolio through the acquisition of POWER RANGERS. We are focused on moving beyond the near-term disruption of losing a major customer, with a clear path forward including new retailer activations to meet the consumer demand made available by the Toys“R”Us departure.
Shares of Hasbro traded up more than 9% to $103.00 early Monday, with a consensus analyst price target of $98.36 and a 52-week range of $79.00 to $116.20.
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