Business Excellence Awards
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By PBN Staff
By PBN Staff
PAWTUCKET – Toy and game maker Hasbro Inc. posted net income of $192 million, or $1.46 per diluted share, during the third quarter of 2013, a 16.6 percent increase over the $165 million, or $1.24 per diluted share, reported during the third quarter of 2012.
As its bottom line rose, Hasbro also saw net revenue increase 1.9 percent to $1.4 billion during the three months ended Sept. 29. During the third quarter of 2012, the company reported net revenue of $1.3 billion.
In product categories for the third quarter, Hasbro saw net revenue drop 16.8 percent in the boys segment to $392 million. During the quarter, the company’s girls and games segments revenue rose 28.6 percent and 5.9 percent, respectively. Hasbro’s preschool segment revenue dropped 1.8 percent.
Hasbro cited “difficult comparisons with 2012” for its Marvel and Beyblade brands in assessing the fall in revenue from the company’s boys segment, while attributing its third-quarter overall growth to increased demand from international markets. Hasbro’s third-quarter net revenue in the U.S. and Canada fell 5 percent in 2013, to $736 million from $775 million in 2012. Internationally, net revenue for the toy company rose 11 percent to $583 million in the third quarter of 2013 from $524 million a year earlier.
“Our brand initiatives for holiday 2013 are resonating with consumers and retailers globally as we enter the all-important fourth quarter,” said Brian Goldner, Hasbro president and CEO. “In addition to our innovative holiday launches, our expanded presence in faster-growing geographies is delivering growth, including emerging markets growth of 22 percent in the third quarter.”
For the first nine months of 2013, Hasbro’s net income rose 8 percent to $222 million, or $1.69 per diluted share, from $206 million, or $1.56 per diluted share during the same period in 2012. The company’s net revenue fell slightly to $2.8 billion in the first three quarters of 2013, a decline of 0.2 percent over the first three quarters of 2012.