Disney princess dolls push Hasbro's revenue above Wall Street estimates
- by Virginia Carter
- in World Media
- — Oct 18, 2016
Hasbro Inc. (NASDAQ: HAS) reported its third-quarter financial results before the markets open on Monday. But the latest results are seen as a good sign for the overall industry as it heads into the holiday season.
On a per-share basis, the Pawtucket, Rhode Island-based company said it earned $2.03, compared with $1.64 for the same quarter in 2015, a 24 percent increase that easily beat Wall Street expectations.
The company noted that its third quarter marked the greatest revenue and earnings quarter in Hasbro's history. The company says game revenue, which includes digital games, rose 13 percent from the same period previous year.
The company, whose line of products ranges from "Star Wars" toys to venerable board games Monopoly and Scrabble as well as Play-Doh for small children, posted revenue of $1.68 billion in the period, also exceeding Street forecasts. Revenue rose 14 percent to $1.68 billion.
Hasbro shares rose $2.09 (+2.74%) to $78.25 in premarket trading Monday.
Third quarter 2016 USA and Canada segment net revenues increased 16 per cent to $932.8 million compared to $803.8 million in 2015.
Entertainment and licensing segment net revenue increased 8 percent in the third quarter over the year-ago period to $52.1 million driven by growth in consumer products and digital gaming.
Last year's successful Star Wars film, "The Force Awakens", drove Hasbro's toy sales up to almost $500 million - especially the K-2SO droid robot.
In terms of other category performances, quarterly sales within the Boys segment were up 2% to US$605.5 million, thanks to Nerf, Transformers and shipments of Yo-Kai Watch. Just in the third quarter, Hasbro's shareholders were paid a total of $64 million in cash and dividends.
