PAWTUCKET – Hasbro Inc., the world’s second-largest toymaker, said net earnings dropped to $17.2 million from $58.94 million in the first quarter.
For the first three months of 2011, the toymaker said earnings per share were 12 cents, missing the average analyst estimate by 5 cents, Bloomberg News reported. Earnings for the same quarter in 2010 were 43 cents per share.
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“2011 is the first year in our multi-year strategic plan in which we will have significant initiatives across all elements of our brand blueprint – in television, in movies, in digital gaming, in licensing and, most importantly, across our broad portfolio of toys and games,” said Brian Goldner, president and CEO.
Goldner highlighted the upcoming releases of “Transformers: Dark of the Moon” and two new Marvel films: “Thor” and “Captain America: the First Avenger” this summer.
Revenue declined to $671.99 million in the first quarter from $672.37 million a year earlier; revenue included a positive $4.8 million impact from foreign exchange.
Hasbro repurchased 1.4 million shares of common stock for $63.7 million and an average price of $45.48 per share in the first quarter.
In a breakdown by segments, Hasbro said the United States and Canada segments saw revenue decline by 8 percent to $391.15 million; operating profit dropped 33 percent to $41.01 million.
“Hasbro’s financial position remains strong,” said Deborah Thomas, chief financial officer, also noting that: “Since year-end, we have successfully implemented a new commercial paper borrowing program to support short-term liquidity needs.”
Revenues worldwide in the first quarter increased 25 percent to $290.23 million in the “boys” category, offsetting declines in “games and puzzles,” down 12 percent; the “girls” category, down 13 percent; and the “preschool” category, down 18 percent.
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