Hasbro Posts Solid Third-Quarter Revenue Growth, but Its Holiday Quarter Outlook Sends Shares Tumbling
Toymaker Hasbro (NASDAQ: HAS) reported third-quarter 2017 results before the market opened on Monday. Revenue grew 6.5% and adjusted earnings per share edged up 1% from the year-ago period.
The market sent Hasbro shares tumbling to a closing loss of 8.6% on Monday. The culprit wasn't the third-quarter results, which were better than many investors probably expected, but the company's tepid fourth-quarter outlook. The toymaker expects the holiday quarter's year-over-year revenue to increase 4% to 7%, whereas Wall Street analysts had been projecting a jump of 11.5%. The Toys R Us Chapter 11 bankruptcy filing and ongoing challenging economic environments in the U.K. and Brazil were the reasons cited for the weaker-than-anticipated guidance.
After Monday's drop, shares of Hasbro have returned 16.5% in 2017, on par with the S&P 500's 16.4% return. Shares of Hasbro's primary rival, Barbie maker Mattel, meanwhile continue to mightily struggle, returning negative-41% for the year.
Source: Fool.com
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