PAWTUCKET (AP) – Hasbro Inc. on Monday reported a loss of $22.9 million in its second quarter that still beat Wall Street expectations.
On a per-share basis, the toymaker said it had a loss of 17 cents. Earnings, adjusted for nonrecurring costs and pretax expenses, came to $1.05 per share.
The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
Hasbro posted a $32.9 million loss in last year’s second quarter.
The company posted revenue of $1.32 billion in this year’s second quarter, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.19 billion.
The company also said it expects worldwide price increases will take full effect during the fourth quarter to help offset higher costs.
Before its earnings report, Hasbro shares had declined 1% since the beginning of the year, while the S&P’s 500 index increased 17%. The stock had increased 19% in the last 12 months. The company’s shares closed on Monday up $11.31, to $103.72.
On Tuesday, the shares were trading at $102.36 at 11:08 a.m.
(Providence Business News contributed to this report.)
