Hasbro: fourth-quarter profit up on Frozen 2, Star Wars
(CercleFinance.com) - Toy maker Hasbro posted an impressive rise in quarterly profit on Tuesday, helped by strong demand for products relating to Disney's "Frozen 2" and "Star Wars".
Fourth-quarter net earnings reached 267.3 million dollars, or 2.01 dollars per share, compared to just 8.8 million dollars, or 0.07 dollar per share, in the fourth quarter 2018.
Excluding a gain from foreign currency hedging, profit was 1.24 dollar a share for the US toy company. In comparison, the consensus was looking for 91 cents.
The maker of Play-Doh and Transformers toys said fourth-quarter sales rose 3% to 1.43 billion dollars, in line with analysts' expectations.
Hasbro shares were up over 7% in pre-market trading on the New York Stock Exchange after this report.
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