Updated with recent stock moves.
Transforming robots and supersoldiers helped toy-maker
blow away profit estimates during the second quarter.
Hasbro said its earnings rose to $39.3 million, or 26 cents a share, from $37.5 million, or 25 cents a share, a year earlier. Earnings in the latest quarter include costs of 6 cents a share from a joint venture with
and costs associated with financing.
Sales ticked up 1% to $792.2 million from $784.3 million last year. Hasbro added that sales would have risen further if not for foreign currency exchanges.
A survey of analysts by Thomson Reuters forecast that Hasbro would earn 23 cents a share in the quarter on revenue of $797.08 million.
Hasbro said that sales growth was primarily driven by a slew of core toy brands like Transformers and G.I. Joe. Those brands, in particular, have summer movie tie-ins this season. Sales in the U.S. and Canadian segment grew to $490.9 million from $467.7 million in the year-earlier period, while international sales fell to $276.2 million from $293.7 million largely because of the $42.8 million forex hit.
The lack of summer blockbuster tie-ins proved a problem for
in the second quarter, though last week the Hasbro rival
still posted a profit thanks to some nifty cost-cutting.
Hasbro also said that the cost of its Discovery joint venture would be less than previously anticipated, affecting earnings by between 15 cents to 20 cents a share in 2009, compared with a previous guidance estimate of 25 cents to 30 cents a share. In 2010, the impact will be between 25 cents and 30 cents a share, compared to the previously announced estimate of 30 cents to 35 cents a share.
Shares of Hasbro climbed 89 cents, or 3.5%, to come to $26.27 in the early afternoon.
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