Hasbro Inc. (NASDAQ: HAS) surpassed market expectations with revenue growth and a surprise profit for the first quarter of 2019. Shares gained 15% in morning hours on Tuesday.
Total revenues of $732.5 million were up 2% from the same period last year. Excluding a negative $24.3 million foreign exchange impact, revenues grew 6%.
Reported net income was $26.7 million, or $0.21 per share, compared to a net loss of $112.5 million, or $0.90 per share, in the year-ago quarter. Adjusted net income was $12.4 million, or $0.10 per share.
Net revenues in the US and Canada segment rose 1% to nearly $358 million, helped by growth in Franchise Brands, Hasbro Gaming and Emerging Brands. Revenues in the International segment fell 2% to $282.6 million. Within International, Hasbro saw revenue declines in Europe and Latin America while Asia-Pacific remained flat. Excluding Forex, all regions across International registered revenue growth.
Entertainment, Licensing and Digital revenues grew 24% year-over-year to $92 million, helped by Magic: The Gathering Arena and consumer products licensing revenue. Hasbro’s total gaming category delivered revenues of $243.4 million, up 20% year-over-year.
Also see: Hasbro Q1 2019 Earnings Conference Call Transcript
Franchise Brands revenue increased 9% to $393.6 million, driven by revenue growth in MAGIC: THE GATHERING, MONOPOLY, PLAY-DOH and TRANSFORMERS. Partner Brand revenues dropped 14% to $172 million, as revenue growth in BEYBLADE was offset by declines in other brands.
Hasbro Gaming revenue grew 2% to $107.6 million, fuelled by revenue growth in games such as DUEL MASTERS, CONNECT 4 and TWISTER. Revenue in Emerging Brands rose 22% to $59.4 million, driven by growth in quick strike collectibles, SUPERSOAKER and FURREAL FRIENDS as well as initial shipments of POWER RANGERS in North America.
Hasbro paid $79.3 million in cash dividends to shareholders during the first quarter. The next quarterly cash dividend payment of $0.68 per common share is scheduled for May 15, 2019 to shareholders of record as of May 1, 2019.
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