Hasbro, Inc. (NASDAQ: HAS) stock surged over 13.1% on 23rd July, 2018 (as of 12:00 PM GMT-4; Source: Google finance) as the company emerged from the worst effects of last year’s Toys ‘R’ Us bankruptcy. For the second quarter 2018, net earnings were $60.3 million compared to $67.7 million, for the second quarter of 2017.
HAS in the second quarter of FY 18 has reported the adjusted earnings per share of 48 cents, beating the analysts’ estimates for the adjusted earnings per share of 29 cents. The company had reported the 7 percent fall in the adjusted revenue growth to $904.5 million in the second quarter of FY 18, beating the analysts’ estimates for revenue of $833.1 million. The lower revenues is due to the liquidation of Toys“R”Us in the U.S. and many other global markets. Further, the revenues fell internationally, most notably in Europe, due to managing retail inventory amid a rapidly evolving retail landscape.
Moreover, during the second quarter 2018, Franchise Brand revenues fell 8% to $506.5 million. However, its revenues grew in the Entertainment and Licensing segment and fell in the U.S. and Canada and International segments. Partner Brand revenues fell 10% to $208.0 million. Partner Brand revenues decreased in the U.S. and Canada and International segments. The company’s Gaming revenue increased slightly to $134.3 million. HSO Gaming revenues increased in the International segment and the Entertainment and Licensing segment; but declined in the U.S. and Canada segment. Emerging Brand revenue fell 1% to $55.6 million.
During the second quarter 2018, HAS has paid $78.7 million in cash dividends to shareholders. The next quarterly cash dividend payment of $0.63 per common share is scheduled for August 15, 2018 to shareholders of record at the close of business on August 1, 2018. During the second quarter, HAS has repurchased 820,343 shares of common stock at a total cost of $74.1 million and an average price of $90.33 per share. During the first six months of 2018, HSO has repurchased 1.2 million shares of common stock at a total cost of $112.9 million and an average price of $90.50. At the end of second quarter, $565.1 million remained available in the current share repurchase authorizations, including the additional $500 million authorized by the Board of Directors during the second quarter.