PAWTUCKET, R.I. ? Hasbro Inc.'s fourth-quarter profit slipped 1 percent, pinched by softer-than-expected demand in the U.S. and Canada and slow sales of games and puzzles.
While earnings for the maker of Nerf, Transformers and My Little Pony matched Wall Street estimates, revenue was slightly below forecasts.
Hasbro shares tumbled $1.97, or 5.5 percent, to $33.89 in premarket trading.
"We did not meet our expectations for growth in the U.S. and Canada segment, as we experienced weaker demand than we had anticipated, especially post-Thanksgiving, including challenges in the games and puzzles category," President and CEO Brian Goldner said in a statement.
The toy company, whose brands include Nerf, Transformers and My Little Pony, reported net income of $139.1 million, or $1.06 per share, for the period ended Dec. 25. That compares with $140 million, or 99 cents per share, a year earlier.
The earnings results matched expectations of analysts surveyed by FactSet. Earnings per share rose because there were fewer shares outstanding in the current quarter.
Last week rival Mattel, which is the No. 1 U.S. toy maker, reported its fourth-quarter profit climbed on strong holiday demand for its toys. But similar to Hasbro, the El Segundo, Calif. company said that its U.S. performance was weak.
Hasbro said Monday that its quarterly revenue rose 4 percent to $1.33 billion from $1.28 billion, buoyed by strength overseas and in its boys' and preschool categories.
Wall Street expected $1.34 billion in revenue.
Revenue for the U.S. and Canada segment dropped to $592.8 million from $604.8 million, while international segment revenue rose to $669.8 million from $617.9 million. Entertainment and licensing segment revenue climbed to $64.1 million from $53.5 million.
While revenue improved for boys' products and preschool items, Hasbro reported revenue declines for its girls and games and puzzles categories.
For the full year, Hasbro's earnings fell 3 percent to $385.4 million, or $2.82 per share, from $397.8 million, or $2.74 per share, in the previous year. Annual revenue increased 7 percent to $4.29 billion from $4 billion.
Hasbro, based in Pawtucket, R.I., says it expects higher earnings per share and revenue in 2012.
miami hurricanes football miami hurricanes football emmy winners emmy winners sportsbook sportsbook directions driving
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.