Hasbro: Misses Analyst Numbers, But Looking to a Big 2011
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Hasbro: Misses Analyst Numbers, But Looking to a Big 2011
Hasbro, Inc. (NASDAQ: HAS) reported 2011 first quarter results an net revenues of $672.0 million compared to $672.4 million in the first quarter 2010. Hasbro's number missed analysts numbers, but Hasbro is expecting a monster year with 3 major movies coming out. Hasbro has invested heavily in their own transformation from toy company to an innovative model that integrates stories, like the Transformers series across a range of experiences - movies, gaming, video, toys and games.
The Company reported net earnings for the first quarter 2011 of $17.2 million or $0.12 per diluted share versus $58.9 million or $0.40 per diluted share in 2010. First quarter 2010 net earnings were $0.26 per diluted share, excluding a favorable tax adjustment of $21.2 million or $0.14 per diluted share.
“2011 is the first year in our multi-year strategic plan in which we will have significant initiatives across all elements of our brand blueprint – in television, in movies, in digital gaming, in licensing and, most importantly, across our broad portfolio of toys and games,” said Brian Goldner, President and Chief Executive Officer.
“We began the year by delivering a quarter consistent with our plan, including growth in many brands and across many countries. Importantly, we are building momentum leading up to the theatrical release of Transformers: Dark of the Moon on July 1 and two new Marvel films, Thor and Captain America: the First Avenger, this summer; multiple new innovative product launches; and the airing of Hasbro Studios television programs in territories around the world. The stage has been set for a strong year, and we continue to believe that we will grow revenues and earnings per share for the full-year 2011," added Goldner.
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