Hasbro 2nd-quarter profit beats expectations

[July 20, 2009]  PAWTUCKET, R.I. (AP) -- Hasbro says 2nd-quarter profit rose 5 percent, beating expectations, as strong sales of Transformers and G.I. Joe toys helped offset the stronger dollar.

Profit rose 5 percent to $39.3 million, or 26 cents per share, from $37.5 million, or 25 cents per share, last year. Excluding costs related to a joint venture with Discovery Communications to form a TV network, income was 32 cents per share.

Revenue edged up 1 percent to $792.2 million from $784.3 million last year. Excluding the stronger dollar, net revenue rose 7 percent.

Analysts polled by Thomson Reuters predicted a profit of 23 cents per share on revenue of $797.1 million.

Hasbro also says the joint TV network will cost less than previously expected.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.