Hasbro's (NASDAQ:HAS) profit dropped in the second quarter.
Earnings and Revenue The company managed to beat EPS estimates, though the company's revenues failed to top expectations. The company reported EPS of 33 cents a share versus the 24 cents a share estimate and revenues of $811.5 million versus the $830.1 million estimate. The company's reported EPS came in above the high estimate of 11 analysts of a profit of 31 cents.
The company's net income for the quarter was $43.4 million. According to the reported number, this is down 25.2% from last year's levels. Revenue fell 10.7% from $908.5 million in the same period last year.
Company Fundamental Trends The company posted a profit last quarter after reporting a net loss of $139.1 million or a loss of $1.04 per share in the prior quarter. Revenue declined last quarter after shrinking 3.4% to $648.9 million in the first quarter.
History Against Expectations The company topped expectations last quarter after falling short of forecasts in the first quarter. It reported net income of 4 cents versus a mean estimate of net income of 7 cents per share.
Official Comment: "2012 continues to develop in line with our expectations as we shift more of our shipments later in the year while improving profitability in the near term," said Brian Goldner, President and Chief Executive Officer. "In the U.S. and Canada, we have gained share and the teams are focused on returning to historical levels of operating profit as well as partnering with U.S. retailers to shift shipments closer to the peak consumer demand periods in the third and fourth quarters. Internationally, we continue our global expansion, leveraging investments in emerging markets, product innovation and entertainment to drive Hasbro brands globally. Finally, our television strategy is delivering growth within our Entertainment and Licensing segment and creating demand for our toys and games in global markets."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.