Plus   Neg

Hasbro Q2 Profit Misses View - Quick Facts

Toy maker Hasbro Inc. (HAS) 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Business software giant Oracle Corp. (ORCL), Monday said it swung to a third-quarter loss after taking a $6.9 billion charge related to the new U.S. tax law. Revenues for the quarter grew 6 percent reflecting strong growth in cloud revenues. Adjusted earnings for the quarter trumped Wall Street estimates,... Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York. Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion.
comments powered by Disqus
Follow RTT