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Hasbro Q3 Profit Declines, Results Miss View - Quick Facts

Toy and board game company Hasbro, Inc. (HAS) reported Tuesday net earnings for the third quarter of $212.9 million or $1.67 per share, down from $263.9 million or $2.06 per share in the year-ago period.

As a result of hedging part of the British Pound purchase price of eOne, Hasbro recognized an after-tax foreign exchange loss of $20.9 million after-tax charge, or $0.16 per share in the quarter. The year-ago results include a favorable $17.3 million, or $0.14 per share, tax benefit from U.S. tax reform.

Excluding these items, adjusted net earnings for the quarter were $1.84 per share, compared to $1.93 per share in the same period last year.

On average, 14 analysts polled by Thomson Reuters expected earnings of $2.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter rose to $1.575 billion from $1.569 billion in the year-ago period. Absent a negative $20.5 million impact of foreign exchange, revenues grew 2 percent. Analysts expected revenues of $1.72 billion for the quarter.

Hasbro said its next quarterly cash dividend payment of $0.68 per common share is scheduled for November 15, 2019 to shareholders of record at the close of business on November 1, 2019.

Hasbro also said that in anticipation of the eOne acquisition, it plans to suspend its share repurchase program while it prioritizes achieving its gross debt to EBITDA target of 2.00 to 2.50 times.

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