Hasbro's stock surges after profit and sales rise above expectations
Shares of Hasbro Inc. climbed 2.6% in premarket trade Monday, after the toy maker reported first-quarter profit and sales that rose above expectations. Net earnings grew to $68.6 million, or 54 cents a share, from $48.8 million, or 38 cents a share, in the same period a year ago. The results include a gain of 11 cents a share from the adoption of new employee share-based payment accounting. The FactSet consensus was for earnings per share of 38 cents. Revenue rose to $849.7 million from $831.2 million, above the FactSet consensus of $818.3 million. In the U.S., revenue increased 2% to $451.6 million as growth in gaming and emerging brands sales offset a decline in franchise and partner brands. "Revenue grew in the quarter and we drove strong consumer takeaway at retail, both compared to a robust first quarter last year and with a shift of Easter into this year's second quarter," said Chief Executive Brian Goldner. The stock has soared 23% year to date through Friday, while the S&P 500 has gained 4.9%.
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