Hasbro Q4 Profit Tops View, But Revenues Miss; Stock Up

(RTTNews) - Hasbro Inc. (HAS) reported that its net earnings for the fourth quarter 2019 were $267.3 million or $2.01 per share, compared to $8.8 million or $0.07 per share, in the fourth quarter 2018.

In Tuesday pre-market trade, HAS is trading at $103.90, up $3.00 or 2.97 percent.

Adjusted net earnings for the fourth quarter 2019 were $164.8 million or $1.24 per share, compared to $169.6 million or $1.33 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share. Analysts' estimates typically exclude special items.

The latest-quarter adjusted net earnings excluded a net benefit of $102.5 million, or $0.77 per share, primarily relating to foreign currency gains as a result of hedging part of the British Pound purchase price of eOne and other eOne acquisition costs.

The prior year adjusted net earnings excluded net after-tax charges of $160.8 million, or $1.26 per share.

Quarterly net revenues increased 3% to $1.43 billion from $1.39 billion in the fourth quarter 2018. Analysts expected revenues of $1.44 billion for the quarter. The latest-quarter net revenues included an unfavorable $13.0 million impact from foreign exchange. Fourth quarter revenue was bolstered by strong demand for Hasbro's products for Disney's Frozen 2 and Star Wars.

In the first quarter of fiscal 2020, Hasbro completed the acquisition of eOne. Hasbro's financial results for fourth quarter of 2019 did not include the results of eOne, but were impacted by eOne acquisition financing, foreign exchange hedges and other activities, the company said.