Hasbro 3Q net income rises

[October 17, 2011]  NEW YORK (AP) -- Hasbro Inc. said Monday that its third-quarter profit rose more than 10 percent as international growth and sales of its boys' toys like Nerf dart blasters helped offset weakness in the U.S.

But the results missed expectations, and its shares slipped 26 cents to $34.49 in premarket trading.

The company says many of its offerings for the all-important holiday season are just hitting shelves. The holiday season is crucial for toy makers, which can make up to 40 percent of their revenue during the period.

The maker of My Little Pony toys and board games such as Scrabble said net income rose to $171 million, or $1.27 per share. That compares with $155.2 million, or $1.09 per share, a year ago. Analysts expected earnings of $1.31 per share, according to FactSet.

Revenue rose 5 percent to $1.38 billion from $1.31 billion a year ago. Analysts expected $1.45 billion.

Hasbro, based in Pawtucket, R.I., said revenue from the U.S. and Canada fell 7 percent to $764.6 million. International revenue rose 23 percent to $563.3 million.

Sales of boys toys rose 15 percent to $534.6 million, while the girls category fell 4 percent to $259.1 million. Revenue from sales of puzzles and games fell 6 percent to $364.7 million.

On Friday, Hasbro's larger rival Mattel Inc. reported its third-quarter net income rose nearly 6 percent while revenue rose 9 percent to nearly $2 billion.

[Associated Press; By MAE ANDERSON]

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