Hasbro posts 1Q loss, revenue declines

6:03 AM, Apr 23, 2012   |    comments
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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.

 

 

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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