S&P 500 (NYSE:SPY) component Hasbro Inc. (NASDAQ:HAS) posted lower net income in the third quarter compared with a year-earlier period. Hasbro is a global company that designs, manufactures and markets games and toys to children and families.
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Hasbro Inc. Earnings Cheat Sheet
Results: Net income for Hasbro Inc. fell to $164.9 million ($1.24 per share) vs. $171 million ($1.27 per share) a year earlier. This is a decline of 3.6% from the year-earlier quarter.
Revenue: Fell 1.9% to $1.35 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Hasbro Inc. reported adjusted net income of $1.28 per share. By that measure, the company beat the mean estimate of $1.20 cents per share. It beat the average revenue estimate of $830.1 million.
Quoting Management: “We are delivering on the objectives we set for the year,” said Brian Goldner, President and Chief Executive Officer. “The U.S. and Canada segment operating profits are improving to historical levels and the Games category is stabilizing with innovative new offerings and partnerships. Additionally, we are driving innovation across Hasbro and partner brands this holiday season including toys, games, digital play, licensed goods and immersive entertainment experiences for consumers around the world.”
Revenue has fallen for the last three quarters in a row. In the second quarter, revenue declined 10.7% to $811.5 million while the figure fell 3.4% in the first quarter from the year earlier.
The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 4 cents versus a mean estimate of net income of 7 cents per share.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for fourth quarter has fallen from $1.34 per share to $1.31. The average estimate for the fiscal year is $2.83 per share, down from $2.97 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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