Hasbro Q3 results beat forecasts

Hasbro?s sales rise by six per cent in the third quarter.
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Hasbro posted a net profit of $138.2 million, or 89 cents per share, compared with a profit of $161.6 million or 95 cents per share year-on-year, when it reported a tax benefit of 17 cents a share.

Analysts had expected Hasbro to post a profit of 86 cents per share.

Net revenues of $1.3 billion for the quarter were reported, an increase of $78.9 million or 6 per cent from a year ago.

U.S. and Canada segment sales for the period were $821 million, an increase of $47.5 million or 6 per cent, compared to $773.5 million in 2007.

The company says the growth in revenue is attributable to Star Wars, Playskool, Nerf, Furreal Friends, Baby Alive trading card and board games, including Trivial Pursuit and Scrabble.

Additionally, Transformers and Littlest Pet Shop continued to contribute significantly to the segment. U.S. and Canada reported an operating profit of $131.9 million, compared to $122.8 million last year.

Brian Goldner, president and CEO said:

"We are very pleased with our third quarter and year-to-date performance. In a challenging environment, we delivered both revenue and earnings growth. As we look to the remainder of the year, we are well positioned with the richest and most diversified portfolio of brands in the industry."

David Hargreaves, chief operating officer and chief financial officer said:

"In light of all the uncertainty in the financial markets, I'm pleased that our balance sheet is strong and we continue to generate strong cash flow. In fact, over the last 12 months we generated $579.0 million in operating cash flows."

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