Hasbro Posts Profit Rise of 11% - TheStreet

Hasbro Posts Profit Rise of 11%

Hasbro's second-quarter earnings rose by 11% to $43.6 million, or 29 cents a share, as improved cost-cutting measures helped mute the effect of lower toy sales.
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PAWTUCKET, R.I. (TheStreet) -- Hasbro's (HAS) - Get Report said Monday that its second-quarter earnings rose 11% to $43.6 million, or 29 cents a share, as improved cost-cutting measures helped mute the effect of lower toy sales.

Hasbro continues to expect its revenue to be more heavily weighted to the second half of the year as major initiatives begin to launch.

During the second quarter, net revenue fell 7% to $737.8 million amid challenging revenue comparisons due to the initial movie product ship-ins last year ahead of the "Transformers" and "G.I. Joe" movies.

Analysts on average were expecting earnings of 24 cents a share on revenue of $748.26 million.

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During the quarter, the company repurchased a total of 6.7 million common shares at $271.4 million, or an average price of $40.49 a share.

-- Reported by Andrea Tse in New York

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