Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the third quarter 2013. Net revenues for the third quarter increased 2% to $1.37 billion, compared to $1.35 billion in 2012. Third quarter net revenues include a favorable $3.8 million impact of foreign exchange.
As adjusted, net earnings for the third quarter 2013 increased 5% to $172.5 million, or $1.31 per diluted share, versus $164.9 million, or $1.24 per diluted share, in 2012. As reported, net earnings for the third quarter 2013 were $193.0 million, or $1.46 per diluted share. These include a favorable tax adjustment of $23.6 million, or $0.18 per diluted share, as well as pre-tax restructuring and partial pension settlement charges of $4.1 million, or $0.03 per diluted share, associated with the Company’s Cost Savings Initiative.
“Our brand initiatives for holiday 2013 are resonating with consumers and retailers globally as we enter the all important fourth quarter,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “In addition to our innovative holiday launches, our expanded presence in faster growing geographies is delivering growth, including emerging markets growth of 22% in the third quarter. We’ve also streamlined our organization and focused on the opportunities within our franchise and partner brand portfolio which offer the greatest long-term potential across our global brand blueprint. These strategic steps are increasingly important as we continue to operate in a challenging consumer environment in developed economies.”
Third Quarter 2013 Major Segment Performance
|Net Revenues ($ Millions)||Operating Profit ($ Millions)|
|Q3 2013||Q3 2012||% Change||Q3 2013||Q3 2012||% Change|
|U.S. and Canada||$735.6||$774.5||-5%||$147.0||$154.2||-5%|
|Entertainment and Licensing||$48.6||$43.1||+13%||$7.6||$10.7||-29%|