Toy maker Hasbro Inc. (HAS: Quote) posted lower second-quarter reported net earnings of $36.48 million, or $0.28 per share, compared with $43.43 million, or $0.33 per share a year back.
Excluding pre-tax partial pension settlement charges of $2.5 million, or $0.01 per share, associated with previously disclosed restructuring actions, adjusted net earnings for the period were $38.3 million, or $0.29 per share. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.
During the recent quarter, the firm clocked $766.3 million in net revenues, down 6% from last year's $811.5 million, whereas 11 analysts estimated revenues of $794.71 million for the quarter.
As announced earlier, the firm is undertaking a cost savings initiative designed to better align resources and costs while targeting $100 million in annual savings by 2015. The gross savings expectation for 2013 continues to be $45 million - $48 million, resulting in expected net savings of $13 million - $15 million for the year, prior to pension charges.
by RTT Staff Writer
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