Hasbro 2nd-quarter profit rises 5 percent, boosted by sales of Transformers, G.I. Joe toys
By APMonday, July 20, 2009
Hasbro 2nd-quarter profit beats expectations
PAWTUCKET, R.I. — Hasbro says 2nd-quarter profit rose 5 percent, beating expectations, as strong sales of Transformers and G.I. Joe toys helped offset the stronger dollar.
Profit rose 5 percent to $39.3 million, or 26 cents per share, from $37.5 million, or 25 cents per share, last year. Excluding costs related to a joint venture with Discovery Communications to form a TV network, income was 32 cents per share.
Revenue edged up 1 percent to $792.2 million from $784.3 million last year. Excluding the stronger dollar, net revenue rose 7 percent.
Analysts polled by Thomson Reuters predicted a profit of 23 cents per share on revenue of $797.1 million.
Hasbro also says the joint TV network will cost less than previously expected.
