Toymaker Hasbro, Inc. (
) 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
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. (
) 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
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