Hasbro on Tuesday missed Wall Street estimates for its third-quarter earnings due in part to to the impact on domestic retail sales of enacted and delayed U.S. tariffs of China-made toys.
The toy and entertainment giant, which is set to acquire indie studio Entertainment One for $4 billion, posted earnings of $213 million, down from $263 million in the year-ago period, missing the Wall Street profit forecast of $281 million, according to a FactSet survey. Excluding one-time items, Hasbro posted adjusted earnings for the quarter to Sept. 29 of $1.84 per share, which fell short of an analyst forecast of $2.21 per share. Quarterly revenue rose slightly to $1.58 billion, but missed an the analyst forecast of $1.71 billion.
Hasbro said enacted and threatened tariffs on toys made in China and exported to the U.S. market "negatively impacted" company revenues during the latest quarter. The toy maker also posted a one-time after-tax loss of $20.9 million due to currency hedging costs stemming from its all-cash acquisition of eOne.The threat of additional tariffs on China-made toys, recently delayed to Dec. 15, still hangs over the toy and entertainment giant.
Hasbro execs, which will discuss their latest financial results on an analyst call on Tuesday morning, said they expect to close the eOne deal during the fourth quarter. The acquisition, once completed, will hand Hasbro the Canadian studio's
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