Hasbro Inc reported a larger-than-expected quarterly profit, helped by strong demand for action figures for boys and double-digit sales gains in its girls' brands like “Littlest Pet Shop” and “Strawberry Shortcake.”
The No. 2 toymaker, behind Mattel Inc, said its first-quarter net profit nearly tripled to $58.9 million, or 40 cents per share, from $19.7 million, or 14 cents a share, a year earlier.
Excluding a one-time tax adjustment, Hasbro reported a profit of 26 cents per share. Analysts on average were expecting earnings of 16 cents a share, according to Thomson Reuters I/B/E/S.
Net revenue rose 8.2% to $672.4 million, far above the analysts' average estimate of $642.6 million.
Hasbro said its board has authorized the toymaker to repurchase an additional $625 million worth of common stock.
The results come a few days after Mattel, home to brands such as Barbie and Hot Wheels, surprised Wall Street with a quarterly profit on strong demand for its classic brands and newer toy lines. (Reuters)