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Hasbro 1Q profit rises 14 pct on strong Transformers sales
posted 8:03 am Mon April 21, 2008 - PROVIDENCE, R.I.
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The toymaker Hasbro Inc. said Monday its earnings rose 14 percent in the first quarter on growth in brands such as Transformers and Littlest Pet Shop.The world's second biggest toy company said it earned $37.5 million, or 25 cents per share, for the three months ended March 30, up from $32.9 million, or 19 cents per share, during the same quarter a year ago. The results beat the expectations of analysts polled by Thomson Financial, who forecast net income of 14 cents per share.
Sales grew 13 percent to $704.2 million from $625.3 million a year ago.
The company said international revenue rose 22 percent to $248.3 million, while revenue in the U.S. and Canada segment grew 6 percent to $428.5 million.
Hasbro released the results as its chief rival, Mattel Inc., said it lost $46.6 million, or 13 cents per share, missing analysts' expectations of a profit of a penny per share. The El Segundo, Calif.-based maker of Barbie dolls and Fisher-Price toys blamed higher product costs and legal fees.
Hasbro Chief Executive Alfred J. Verrecchia said in a statement that the results indicated the company was on track for a strong 2008.
"Our first quarter performance reinforces the confidence we have in achieving our full-year financial goals," he said.
Hasbro announced earlier this year that Verrecchia would step down May 22 and be succeeded Chief Operating Officer Brian Goldner.
Sales grew 13 percent to $704.2 million from $625.3 million a year ago.
The company said international revenue rose 22 percent to $248.3 million, while revenue in the U.S. and Canada segment grew 6 percent to $428.5 million.Hasbro released the results as its chief rival, Mattel Inc., said it lost $46.6 million, or 13 cents per share, missing analysts' expectations of a profit of a penny per share. The El Segundo, Calif.-based maker of Barbie dolls and Fisher-Price toys blamed higher product costs and legal fees.
Hasbro Chief Executive Alfred J. Verrecchia said in a statement that the results indicated the company was on track for a strong 2008.
"Our first quarter performance reinforces the confidence we have in achieving our full-year financial goals," he said.
Hasbro announced earlier this year that Verrecchia would step down May 22 and be succeeded Chief Operating Officer Brian Goldner.
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