(NASDAQ: HAS) today announced preliminary full-year 2012 results.
“In 2012, we met many of the objectives we set for Hasbro,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “Based on preliminary results, we returned the U.S. and Canada segment to historical operating profit levels; we grew revenues in the Games category against our 2012 objective of stabilizing revenues; and we grew revenues in our Girls category. We also experienced double digit growth in our emerging markets business and achieved profitability in most major emerging markets a year ahead of our plan.”
“We had a number of strong product initiatives, but consumer demand through much of the holiday season was less than anticipated in both the U. S. and certain international markets. As a result, fourth quarter revenues did not meet our expectations. Despite the lower than anticipated revenue, we grew our operating profit margin and earnings per share absent fourth quarter restructuring charges and the impact of foreign exchange,” continued Goldner.
Based on preliminary full-year results, the Company expects to report earnings per diluted share for 2012, excluding fourth quarter restructuring charges, in the range of $2.73 to $2.75. This includes an approximate $0.10 per diluted share negative impact from foreign exchange in 2012. Absent the unfavorable impact of foreign exchange, earnings per diluted share excluding fourth quarter restructuring charges are expected to be in the range of $2.83 to $2.85.
Final 2012 reported earnings will reflect pre-tax restructuring charges of approximately $37 million recorded in the fourth quarter, or approximately $0.21 per diluted share, associated with the commencement of a cost savings initiative the Company is implementing. Additionally, 2012 earnings include $11.1 million, or $0.06 per diluted share, of previously announced severance costs recorded in the first quarter 2012. Reported 2012 earnings per diluted share are expected to be in the range of $2.52 to $2.54.