PAWTUCKET, R.I. (AP) - Hasbro Inc. is reporting a loss for its first quarter on lower revenue and hefty severance costs.
The results from the nation's No. 2 toy company missed Wall Street estimates.
The maker of Monopoly and Transformers says it lost $2.6 million, or 2 cents per share, for the period ended April 1. A year ago, the Pawtucket, R.I., company reported net income of $17.2 million, or 12 cents per share.
Excluding 6 cents per share in severance costs, earnings were 4 cents per share. Analysts expected earnings of 8 cents per share.
Revenue dropped 3 percent to $648.9 million, hurt by unfavorable foreign currency exchange rates. Analysts expected revenue of $667.6 million.
Last week rival Mattel Inc. reported that its first-quarter profit declined, weighed down by lower sales and costs tied to an acquisition.
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