Hasbro (NASDAQ: HAS) shares plunged mid-morning Monday, as the toymaker posted earnings above estimates. Revenue also beat forecasts, as Hasbro saw stronger sales of its Nerf and Transformer toys, among others.
A released issued Monday showed that net revenues for the second quarter 2017 increased 11% to $972.5 million versus $878.9 million in 2016.
Net earnings for the second quarter 2017 increased 30% to $67.7 million, or $0.53 per diluted share, compared to $52.1 million, or $0.41 per diluted share, in 2016. Reported net earnings include a $0.01 per diluted share benefit versus second quarter 2016 from the adoption of FASB ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting.
Revenues grew in Franchise Brands, Partner Brands and Hasbro Gaming, but declined in Emerging Brands. The U.S. and Canada segment reported operating profit increased 41% to $81.6 million, or 16.5% of net revenues, compared to $58.0 million, or 13.6% of net revenues, in 2016.
The Company paid $71.3 million in cash dividends to shareholders during the second quarter. The next quarterly cash dividend payment of $0.57 per common share is scheduled for August 15, to shareholders of record at the close of business on August 1.
During the second quarter, Hasbro repurchased 6,100 shares of common stock at a total cost of $0.6 million and an average price of $94.99 per share. At quarter-end, $309.4 million remained available in the current share repurchase authorization.
As the trading week began, Hasbro shares were earthbound $9.98, or 8.6%, to $105.97, within a 52-week range of $76.14 to $116.20.
