Hasbro Grows 2Q Net by 33%, Misses Estimates

By Retail FOXBusiness

Hasbro (HAS) weighed in on Monday with a 33% rise in second-quarter profits, but the maker of Monopoly and Nerf footballs missed Wall Streets expectations amid rising costs.

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The Pawtucket, R.I.-based toy maker said it earned $58.1 million, or 42 cents a share, compared with a profit of $43.6 million, or 29 cents a share, a year earlier. Excluding one-time items, it earned 33 cents a share, trailing consensus calls for 39 cents.

On the other hand, revenue jumped 23% to $908.5 million, topping the Streets view of $854.8 million.

Hasbro reported a 43% leap in international sales to $374.5 million and said its boys category saw sales surge 96% to $460.4 million.

The Hasbro team executed our branded-play strategy globally to deliver both a strong second quarter and to lay the framework for growth in 2011 and beyond, CEO Brian Goldner said in a statement.

Hasbros results were held back a bit by rising costs, especially on the product development side.

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Today, our brands are bigger and more global, many are backed by entertainment and the application of our brand blueprint is providing consumers with the opportunity to enjoy our brands across an increasingly broad spectrum of consumer goods and entertainment formats, said Goldner.

Shares of Hasbro inched higher Monday and the shares have slid more than 12% year-to-date.

Last week rival Mattel (MAT), which makes Barbie dolls and Hot Wheels, reported stronger-than-expected quarterly results.

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