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Hasbro 2Q Profit Falls 8.2 Percent

Hasbro 2Q Profit Falls 8.2 Percent

NewsRadio 920 WHJJ and the Associated Press

PAWTUCKET, R.I. (AP) — Hasbro Inc. (HAS) on Monday reported profit that decreased by 8.2 percent in its second quarter, and missed analysts' expectations.

The Pawtucket, Rhode Island-based company said net income decreased to $33.5 million, or 26 cents per share, from $36.5 million, or 28 cents per share, in the same quarter a year ago.

Earnings, adjusted for pre-tax expenses, were 36 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The company said revenue rose 8.2 percent to $829.3 million from $766.3 million in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $842.8 million, according to Zacks.

Hasbro shares have declined $1.80, or 3.3 percent, to $53.21 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7 percent. However, the stock has climbed $7.83, or 17 percent, in the last 12 months.

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