Hasbro Reports Revenue, Operating Profit and Net Earnings Growth for Third Quarter 2016
PAWTUCKET, R.I.–(BUSINESS WIRE)–Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the third quarter 2016. Net revenues for the third quarter 2016 increased 14% to $1.68 billion versus $1.47 billion in 2015. Third quarter 2016 revenues include a negative $2.8 million impact from foreign exchange.
Net earnings for the third quarter 2016 increased 24% to $257.8 million, or $2.03 per diluted share, compared to $207.6 million, or $1.64 per diluted share, in 2015. Adjusted net earnings for the third quarter 2015 were $200.5 million, or $1.58 per diluted share. These exclude a pre-tax gain of $9.9 million, or $0.06 per diluted share, from the third quarter 2015 sale of the Company’s manufacturing operations in East Longmeadow, MA and Waterford, Ireland.
“Innovative play experiences, engaging storytelling and global execution of Hasbro’s Brand Blueprint continues to drive consumer and retailer demand for our brand portfolio,” said Brian Goldner, Hasbro’s Chairman, President and Chief Executive Officer. “2016 has been a strong year, including our third quarter – which marked the greatest revenue and earnings quarter in Hasbro’s history. We are well positioned for what we believe will be a good holiday season.”
“Throughout 2016 the Hasbro team has delivered strong financial performance, in terms of revenues and earnings growth, supported by a solid balance sheet enabling our business growth,” said Deborah Thomas, Hasbro’s Chief Financial Officer. “The strength of our business enabled us to continue investing in growing Hasbro for the long term, while returning $112 million to shareholders in the quarter.”