(NASDAQ: HAS) today reported financial results for the full-year and fourth quarter 2012. Net revenues for the full-year 2012 were $4.09 billion compared to $4.29 billion in 2011. Excluding a negative $98.5 million impact of foreign exchange, net revenues declined 2% to $4.19 billion.
Net earnings for the full-year 2012 were $336.0 million, or $2.55 per diluted share, versus $385.4 million, or $2.82 per diluted share, in 2011. 2012 net earnings include $47.2 million pre-tax, or $0.26 per diluted share, of restructuring charges. Excluding these charges, net earnings were $370.8 million, or $2.81 per diluted share. Additionally, full-year 2012 earnings per share include $0.10 per diluted share from the negative impact of foreign exchange.
The Company’s reported 2011 earnings per diluted share included the impact of a $20.5 million favorable tax adjustment, or $0.15 per diluted share, and pre-tax expense of $14.4 million, or $0.07 per diluted share, related to costs associated with establishing Hasbro’s Gaming Center of Excellence in Rhode Island. Earnings per diluted share for 2011 excluding these two items were $2.74.
For the fourth quarter 2012, the Company reported net revenues of $1.28 billion compared to $1.33 billion in 2011. Foreign exchange had an $8.2 million negative impact on revenues in the quarter. The Company reported net earnings for the quarter of $130.3 million or $0.99 per diluted share, including $36.0 million pre-tax, or $0.21 per share, in restructuring charges, versus $139.1 million or $1.06 per diluted share in 2011. Excluding these charges, fourth quarter net earnings were $157.4 million, or $1.20 per diluted share.
“In 2012, we achieved many important objectives for the year, including improving the U.S. and Canada segment operating profit margin to 15.1%, growing our Games and Girls categories and driving 16% revenue growth in the emerging markets while improving profitability,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “We did, however, face difficult year-over-year comparisons and a challenging holiday season in certain geographies.”