Toymaker Hasbro, Inc. (NASDAQ:HAS) on Monday morning topped Wall Street expectations with its latest earnings results, sending its shares soaring higher in early trading.
The Pawtucket, RI-based company reported third quarter net income of $2.03 per share, easily surpassing analyst estimates of just $1.74. Revenue jumped 14.2% from last year to $1.68 billion, also topping Wall Street’s view of $1.55 billion.
Hasbro saw revenue growth in four major operating segments, with U.S. and Canada sales rising 16%, International segment sales gaining 13%, Entertainment and Licensing rising 8%, and International segment net revenues increasing 13%.
Foreign sales rose in Europe by 16%, Latin America by 9%, and Asia Pacific was up 1%.
The company noted it returned $112.4 million to shareholders in Q3 via $64 million in dividends and $48.4 million in share buybacks. HAS will pay its next dividend of $0.51 per share on Nov. 15, with a record date of Nov. 1.
From the press release:
“Innovative play experiences, engaging storytelling and global execution of Hasbro’s Brand Blueprint continues to drive consumer and retailer demand for our brand portfolio,” said Brian Goldner, Hasbro’s Chairman, President and Chief Executive Officer. “2016 has been a strong year, including our third quarter – which marked the greatest revenue and earnings quarter in Hasbro’s history. We are well positioned for what we believe will be a good holiday season.”
“Throughout 2016 the Hasbro team has delivered strong financial performance, in terms of revenues and earnings growth, supported by a solid balance sheet enabling our business growth,” said Deborah Thomas, Hasbro’s Chief Financial Officer. “The strength of our business enabled us to continue investing in growing Hasbro for the long term, while returning $112 million to shareholders in the quarter.”
Hasbro shares rose $2.09 (+2.74%) to $78.25 in premarket trading Monday. Prior to today’s report, HAS had gained 13.06% since the start of 2016.