Hasbro Q1 Profit Surges on Higher Sales and a Tax Benefit (HAS)

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Toymaker Hasbro, Inc. ( HAS ) on Monday said its first quarter profit more than tripled from last year, helped by stronger sales and a one-time tax benefit.

The Pawtucket, RI-based company reported first quarter net income of $58.9 million, or 40 cents per share, compared with $19.7 million, or 14 cents per share, in the year-ago period. Excluding a one-time tax benefit, adjusted profit was 26 cents per share.

Revenue jumped 8% from last year, to $672.4 million

On average, Wall Street analysts expected a much smaller profit of 16 cents per share, on lower revenue of $642.7 million.

Looking ahead, the company warned that second quarter results may come up short of last year's numbers, when sales were fueled by news Transformers and G.I. Joe toys, which were tied to blockbuster summer movies. However, Hasbro said it still expects 2010 full-year profit and revenue to surpass those of 2009.

Hasbro shares rose 45 cents, or +1.1%, in premarket trading Monday.

The Bottom Line
We have been recommending shares of HAS since Feb.8, when the stock was trading at $30.80. The company has a 2.51% dividend yield, based on last night's closing stock price of $39.85.

Hasbro, Inc. ( HAS ) is a "recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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