Hasbro, Inc. (NASDAQ: HAS) shares rose Monday after the company reported better-than-expected results for its second quarter.
The company, based in Pawtucket, Rhode Island, reported that net revenues for the second quarter 2018 decreased 7% to $904.5 million versus $972.5 million in 2017. The lower revenues reflect the liquidation of Toys ‘R’ Us in the U.S. and many other global markets.
In addition, revenues declined internationally, most notably in Europe, as a result of managing retail inventory amid a rapidly evolving retail landscape.
Net earnings for the second quarter 2018 were $60.3 million, or $0.48 per diluted share, compared to $67.7 million, or $0.53 per diluted share, for the second quarter of 2017.
Said CEO Brian Goldner, "2018 is unfolding as expected as our teams manage the liquidation of Toys ‘R’ Us in many markets and address the rapidly evolving European retail landscape.
"We are investing in our business - in innovation, entertainment and a modern global commercial organization, to drive profitable growth in 2019 and beyond. Consumer takeaway is up for our brands, and we further strengthened our brand portfolio through the acquisition of POWER RANGERS."
The Company paid $78.7 million in cash dividends to shareholders during the second quarter. The next quarterly cash dividend payment of $0.63 per common share is scheduled for August 15, to shareholders of record at the close of business on August 1.
Shares in Hasbro galloped $12.16, or 13%, to $106.09
