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(Bloomberg) -- When Hasbro Inc. thanked the Trump administration in August for delaying new tariffs on Chinese toy imports until Dec. 15, it may have been celebrating too soon.The toymaker tumbled as much as 18% Tuesday after reporting weaker-than expected third-quarter profit, a disappointing result it largely blamed on tariffs that aren’t even in place yet. The challenging quarter for Hasbro is just the latest example of U.S. companies issuing warnings about President Donald Trump’s trade spat with China.“The threat and implementation of tariffs negatively impacted our quarterly results,” Hasbro Chief Executive Officer Brian Goldner said on a call with analysts. “Importantly during the third quarter alone we saw multiple different dates for the enactment.”The shifting nature of when duties on toys would be implemented -- they were initially set for September, but are now slated for less than two weeks before Christmas -- significantly disrupted orders and the company’s supply chain. For example, some U.S. retailers that had placed large direct-shipment orders from China canceled them in July and August and asked for domestic shipments from Hasbro instead. Some of those requests were fulfilled, but the toymaker said it wasn’t able to rewrite all of the nixed orders in time.The company expects continued disruption this quarter as the tariffs are implemented -- assuming no trade deal is reached before then. Goldner tried to ease concerns by pointing out Hasbro is on track to reduce U.S. sourcing from China to 50% by the end of 2020.“We are having good success identifying and building products and geographies, including Vietnam, India and others,” he said.Shares fell the most intraday since 2015 in Tuesday trading. The stock had advanced almost 50% this year through Monday’s close, more than double the gain of the benchmark S&P 500 Index.(Updates with details from call)\--With assistance from Karen Lin, Janet Freund and Jonathan Roeder.To contact the reporter on this story: Matt Townsend in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Anne Riley Moffat at email@example.com, Lisa WolfsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shares of Hasbro Inc. tumbled 9.6% in premarket trading Tuesday, after the toymaker reported third-quarter profit and revenue that missed expectations, as weakness in franchise brands and trade uncertainty offset strength in partner brands. Net income fell to $212.9 million, or $1.67 cents a share, from $263.9 million, or $2.06 a share, in the year-ago period. Excluding non-recurring items, such as a loss on a hedge of the British pound as part of the Entertainment One Ltd. acquisition, adjusted earnings per share came to $1.84, below the FactSet consensus of $2.21. Revenue edged up to $1.58 billion from $1.57 billion, missing the FactSet consensus of $1.72 billion. Franchise revenue fell 8% to $779.7 million, below the FactSet consensus of $899.0 million, while partner brands grew 40% to $427.0 million to beat expectations of $375.0 million. "Hasbro's global teams are executing within a dynamic trade environment that is impacting the timing of revenues, driving incremental expenses and putting upward pressure on our underlying tax rate," said Chief Financial Officer Deborah Thomas. Hasbro's stock has rallied 10.7% over the past three months through Monday while the S&P 500 has gained 0.7%.
"We saw multiple different dates for the enactment of List 4 tariffs come and be delayed, and yet the prospect had our retailers cancel major direct import program orders and rewrite many of those orders as domestic shipments," Chief Executive Officer Brian Goldner said on a post earnings call. Goldner said the company still faces the prospect of more direct import cancellations and shifts to domestic orders as Dec. 15 approaches, the day when tariffs on most of Hasbro's product lines are likely to go into effect. The tariffs threat has overshadowed the company's push into content media, where it has been buying smaller firms and tying up with major movie studios to boost sales of toys linked to movie franchises.
PAWTUCKET, R.I.-- -- Third quarter 2019 revenues were $1.58 billion compared to $1.57 billion a year ago; Absent a negative $20.5 million impact of foreign exchange, third quarter 2019 revenues grew 2% Revenues increased 20% in the Entertainment, Licensing and Digital segment; Revenues decreased 2% in the U.S. and Canada segment; Revenues were flat in the International segment, but increased 4% absent ...
NEW YORK, NY / ACCESSWIRE / October 22, 2019 / Hasbro, Inc. (NASDAQ: HAS ) will be discussing their earnings results in their 2019 Third Quarter Earnings to be held on October 22, 2019 at 8:00 AM Eastern ...
Investing.com – Wall Street opened mixed on Tuesday, with the Nasdaq leading gains after a batch of mixed earnings helped to slightly ease concerns about the impact of U.S.-China trade disputes.
Hasbro posted weaker-than-expected third quarter earnings Tuesday after the toymaker said tariffs linked to the U.S.-China trade dispute clipped sales to retailers.
Hasbro, Inc. is expected to report net income of $281.2 million, or $2.21 a share, on sales of $1.7 billion before the market opens on Tuesday, based on a FactSet survey of 14 analysts. In the same period a year ago, the company posted earnings of $1.
Market participants are betting on the record-high U.S. indices as about 120 S&P 500 companies are scheduled to release their results this week.
DETROIT, Oct. 19, 2019 /PRNewswire/ -- Today, Ally Financial Inc. (ALLY) brings MONOPOLY®, a Hasbro Inc. (HAS) brand, to life by launching Ally + MONOPOLY®, the augmented reality (AR) game that turns six American cities into a live MONOPOLY® board game to promote financial literacy in a fun and engaging way. People across the country will have a chance to grow their fortunes by winning up to $50,000 in cash, a new Jeep® Wrangler, and other prizes totaling $1 million, all while learning smart money tips and supporting Junior Achievement.
Zacks.com featured highlights include: Hasbro, Atkore International, Target, Hibbett Sports and Bristol-Myers Squibb
V.F. Corp's (VFC) higher investments toward brand development and technology enhancements might show on second-quarter fiscal 2020 performance.
Hasbro, Inc. (HAS) today announced that Entertainment One Ltd. (ETO.L) (eOne) shareholders have voted to approve the proposal for Hasbro to acquire eOne in an all-cash transaction valued at approximately £3.3 billion or US$4.0 billion, pursuant to the definitive arrangement agreement between the parties. More than 99.9% of the votes cast at the eOne special meeting of shareholders held earlier today voted in favor of the transaction. “We’re pleased that eOne shareholders support this transaction,” said Brian Goldner, chairman and chief executive officer of Hasbro.
Kilburn Live, an entertainment company focused on producing content with an emphasis on quality and originality, and HASBRO, Inc. (HAS), a global play and entertainment company, announced today plans for a new live entertainment touring event – NERF Challenge, debuting in Los Angeles at the Event Deck at L.A. Live starting on December 7. NERF Challenge is a groundbreaking live attraction that brings the action and competitive fun of the NERF brand into full focus via a 50,000 square foot, adrenaline pumping, action packed play experience.