Hasbro profit declines

Toymaker Hasbro Inc. reported its net income declined to $385.4 million in 2011, from $397.7 million in 2010.
Posted 2/6/12

PAWTUCKET – Hasbro Inc. reported its earnings declined to $385.4 million in 2011, from $397.7 million in 2010.

“In 2011 we delivered strong growth in our international business driven by continued investments in advancing our global capabilities,” said Brian Goldner, president and CEO.

“However, we did not meet our expectations for growth in the U.S. and Canada segment, as we experienced weaker demand than we had anticipated, especially post-Thanksgiving, including challenges in the Games & Puzzles category. We have taken significant steps by putting new leadership and new plans in place to re-accelerate growth and innovation in both of these important areas,” he added. The U.S. and Canada segment saw operating profit drop 20 percent in 2011 from 2010 while the international segment saw operating profit surge 29 percent.

The world’s second-largest toymaker said revenue increased to $4.29 billion, compared with $4 billion a year earlier. Earnings per diluted share were $2.82 in 2011 – including a favorable tax adjustment, 15 cents per diluted share, and a pre-tax expense, 7 cents per diluted share, related to the cost of establishing the Hasbro’s Gaming Center of Excellence in Rhode Island. In 2010, the EPS was $2.74.

In the fourth quarter, the company saw net income slip to $139.1 million from $140 million. EPS was $1.06, compared with 99 cents during the fourth quarter of 2010.

Revenue increased to $1.33 billion in the fourth quarter from $1.28 billion a year earlier. Bloomberg News reported Monday that revenue “fell short of the average analyst estimate of $1.34 billion.”

Hasbro declared a 20 percent bump in its quarterly cash dividend to 36 cents per share, payable May 15, last week.

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