Hasbro 3Q profit falls 4 percent, revenue drops
PAWTUCKET, R.I. (AP) — Hasbro says its third-quarter net income slipped 4 percent, pulled down by unfavorable foreign exchange rates. The toy maker's sales were also soft in Europe and the Asia Pacific region.
Its adjusted results topped Wall Street's view.
For the period ended Sept. 30, the Pawtucket, R.I.-based company earned $164.9 million, or $1.24 per share. That compares with $171 million, or $1.27 per share, a year earlier.
Removing the impact of unfavorable foreign exchange rates, Hasbro Inc.'s earnings were $1.28 per share.
Analysts expected $1.20 per share.
Revenue slipped 2 percent to $1.35 billion from $1.38 billion. Revenue totaled $1.39 billion excluding unfavorable foreign exchange rates. Wall Street forecast $1.38 billion.
Last week rival Mattel Inc. reported its third-quarter net income climbed, buoyed by strong sales of American Girl dolls and Fisher-Price toys.