'Star Wars,' 'Frozen 2' Toys Boost Hasbro's Fourth-Quarter Revenue

Toy giant Hasbro on Tuesday reported lower, but better-than-expected earnings for its fourth quarter ended Dec. 30 as Its $3.8 billion acquisition of Entertainment One on Dec. 30 meant the latest quarterly results didn't include financial results from the Canadian studio, but Hasbro said they were "impacted by eOne acquisition financing, foreign exchange hedges and other activities."

Among them were $17.8 million in eOne acquisition-related costs for the fourth quarter, $1.4 million in deal-related tax benefits, $139.7 million in foreign exchange hedge gains for the quarter and $20.6 million in financing transaction fees. Earnings for the fourth quarter reached $267.3 million, or $2.01 per share, compared with $8.8 million, or 7 cents a share in the same period of 2018. "The incremental interest expense and additional shares issued to finance the eOne acquisition impacted fourth quarter 2019 by 9 cents" a share, the firm said. Adjusted earnings for the quarter amounted to $164.8 million, or $1.24 per share, excluding a benefit of $102.

Fourth-quarter revenue increased 3 percent to $1.43 billion, "bolstered by strong demand for Hasbro’s products for Disney’s," which more than offset "an unfavorable $13.0 million impact from foreign exchange." Said Hasbro CEO Brian Goldner: "Our acquisition of Entertainment One accelerates our Brand Blueprint strategy and significantly expands our expertise and capabilities as a global play and entertainment company. Our teams are actively engaged to unlock value across our organization – in gaming, in toys, in consumer products and in entertainment."

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