Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the first quarter 2014. Net revenues for the first quarter 2014 increased 2% to $679.5 million from $663.7 million in 2013. Foreign exchange had an unfavorable $6.0 million impact on first quarter revenues.
Net earnings for the first quarter 2014 were $32.1 million, or $0.24 per diluted share, compared to a net loss of $6.7 million, or ($0.05) per diluted share, in 2013. As adjusted, net earnings for the first quarter 2014 were $18.6 million, or $0.14 per diluted share. This excludes favorable tax adjustments of $13.5 million, or $0.10 per diluted share. As adjusted, net earnings for the first quarter 2013 were $6.6 million, or $0.05 per diluted share. This excludes pre-tax charges of $28.9 million, or $0.14 per diluted share, associated with restructuring actions as well as favorable tax adjustments of $5.5 million, or $0.04 per diluted share.
“Our first quarter results reflect continued strong performance across several key initiatives including Hasbro Franchise Brands, Emerging Markets and the Entertainment and Licensing segment,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “Growth in both revenues and operating profit for the first quarter despite a later Easter this year and ahead of our major theatrical launches speaks to the strength of the brand innovation we are delivering to consumers globally.”
“While only the first quarter, our results reflect solid underlying profitability, a healthy balance sheet and good cash flow,” said Deborah Thomas, Hasbro’s Chief Financial Officer. “We remain committed to investing in our business to profitably grow Hasbro for the long term, while returning excess cash to our shareholders and maintaining a solid investment grade rating.”First Quarter 2014 Major Segment Performance
|Net Revenues ($ Millions)||Operating Profit (Loss) ($ Millions)|
|Q1 2014||Q1 2013||% Change||Q1 2014||Q1 2013||% Change|
|U.S. and Canada||$337.7||$342.1||-1%||$35.8||$37.7||-5%|
|Entertainment and Licensing||$34.9||$30.8||+13%||$6.0||$5.3||+13%|