WASHINGTON (dpa-AFX) - Toymaker Hasbro, Inc. (HAS) Monday reported lower profit for the second quarter, but adjusted earnings met Wall Street estimates. Net revenues increased 8 percent, but came short of expectations.
Net earnings fell to $33.5 million or $0.26 per share from $36.5 million or $0.28 per share in 2013.
Excluding an unfavorable tax adjustment of $13.8 million or $0.10 per share, adjusted net earnings for the second quarter of 2014 were $47.3 million, or $0.36 per share.
Excluding pre-tax partial pension settlement charges of $2.5 million or $0.01 per share associated with restructuring actions, adjusted net earnings for the second quarter of 2013 were $38.3 million or $0.29 per share.
On average, 12 analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues increased 8 percent to $829.3 million from $766.3 million in 2013. Analysts expected revenues of $838.97 million.
Foreign exchange had an unfavorable $1.2 million impact on second quarter revenues.
Revenues in U.S. and Canada slid 2 percent to $383.0 million. According to the company, the segment's results reflect growth in the Boys and Girls product categories offset by declines in the Games and Preschool categories. International segment revenues climbed 17 percent to $396.8 million and Entertainment and Licensing revenues increased 35 percent to $47.7 million.
Product-wise, net revenues in the Boys category increased 32 percent to $335.8 million behind growth in TRANSFORMERS and MARVEL products.
The Girls category grew 10 percent to $163.8 million, driven by growth in MY LITTLE PONY, MY LITTLE PONY EQUESTRIA GIRLS and NERF REBELLE.
Brian Goldner, Hasbro's President and Chief Executive Officer, said, 'Second quarter performance reflects our continuing re-imagination of brands across the brand blueprint and the positive impact of our investment and focus on strategic growth opportunities within Hasbro.'
HAS closed up 0.6 percent on Friday at $53.21.
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