Hasbro Beats Estimates, Names New CEO

Updated from 10:01 a.m. EST

Shares of Hasbro (HAS Quote - Cramer on HAS - Stock Picks) climbed Monday after the toymaker's fourth-quarter results topped analysts' targets.

The maker of Playskool toys, Tonka trucks and Milton Bradley games also said its CEO will step down in May.

For the fourth quarter, Hasbro reported net income of $133.7 million, or 84 cents a share, up from $108.3 million, or 62 cents a share, a year earlier.

Revenue rose to $1.3 billion from $1.12 billion the prior year.

Analysts had forecast earnings of 81 cents a share and revenue of $1.22 billion, according to Thomson Financial.

The Pawtucket, R.I., company said revenue growth was driven by strength in its Transformers and Marvel comics product lines, as well as longtime products such as My Little Pony, Sorry and Nerf.

"Business continued to be strong both in terms of category and geographic performance, providing us with momentum going into 2008," said President and Chief Executive Alfred Verrecchia.

Verrecchia, 64, plans to step down as CEO in May, Hasbro said Monday. He will be replaced by current Chief Operating Office Brian Goldner.

Verrecchia, who had been CEO since 2003, will assume the role of chairman, replacing Alan Hassenfield, grandson of the company's founder.

Goldner, 44, has been with Hasbro since 2000.

Shares of Hasbro recently were up 38 cents to $26.25.