Hasbro Inc. (NASDAQ:HAS) took off for the stratosphere Tuesday on numbers just released.
The toy maker, based in Pawtucket, Rhode Island, declared net revenues for the first quarter 2019 increased 2% to $732.5 million compared to $716.3 million in 2018.
Net earnings for the first quarter were $26.7 million, or $0.21 per diluted share, versus a net loss for the first quarter 2018 of $112.5 million, or $0.90 per diluted share.
The 2018 reported net loss includes after-tax expenses of $61.4 million, primarily bad debt, associated with Toys“R”Us; $15.7 million of severance costs associated with the Company’s commercial organization transformation; and a net charge of $47.8 million related to U.S. tax reform
Enthused CEO Brian Goldner, "Our long-term investments in new platforms provided a meaningful contribution from our digital and e-sports initiative, Magic: The Gathering Arena, as well as growth in MAGIC: THE GATHERING tabletop revenues. In addition, MONOPOLY, PLAY-DOH and TRANSFORMERS were among the brands posting revenue gains this quarter."
International segment revenue growth in Hasbro Gaming and Emerging Brands was more than offset by a decline in Partner Brands. Franchise Brands revenue was flat to a year ago. Absent foreign exchange, Franchise Brands revenue grew in the quarter.
The International segment reported an operating loss of $30.4 million compared to an operating loss of $56.1 million and an adjusted operating loss of $44.9 million in 2018.
Shares in Hasbro were higher by $11.87, or 13.5%, to $99.98 early in Tuesday morning’s session.
