Hasbro Earnings Hit by U.S.-China Trade War

Hasbro on Tuesday missed Wall Street estimates for its third-quarter earnings due in part to to the impact on domestic retail sales of enacted and delayed U.S. tariffs of China-made toys.

The toy and entertainment giant, which is set to acquire indie studio Entertainment One for $4 billion, posted earnings of $213 million, down from $263 million in the year-ago period, missing the Wall Street profit forecast of $281 million, according to a FactSet survey. Excluding one-time items, Hasbro posted adjusted earnings for the quarter to Sept. 29 of $1.84 per share, which fell short of an analyst forecast of $2.21 per share. Quarterly revenue rose slightly to $1.58 billion, but missed an the analyst forecast of $1.71 billion.

Hasbro said enacted and threatened tariffs on toys made in China and exported to the U.S. market "negatively impacted" company revenues during the latest quarter. The toy maker also posted a one-time after-tax loss of $20.9 million due to currency hedging costs stemming from its all-cash acquisition of eOne.The threat of additional tariffs on China-made toys, recently delayed to Dec. 15, still hangs over the toy and entertainment giant.

Hasbro execs, which will discuss their latest financial results on an analyst call on Tuesday morning, said they expect to close the eOne deal during the fourth quarter. The acquisition, once completed, will hand Hasbro the Canadian studio's

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Biogen, Under Armour, P&G, Hasbro & moreThese are the stocks posting the largest moves before the bell.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks close broadly higher, led by tech companies, banksStocks on Wall Street moved broadly higher Monday as investors watched corporate earnings reports and developments in the U.S.-China trade war. America, see how cutting corners can kill your reputation, and hurt your stock price. Boeing would have done better fixing problems with the 737MAX before production, than trying to shortcut the system killing over 300 souls.
Source: latimes - 🏆 11. / 82 Read more »

Here's what happened to the stock market on MondayAll major indices closed in the green today, boosted by optimism around U.S.-China trade talks and earnings season. The S&P 500 closed above 3,000 for the first time since Sept. 18, while the Dow and Nasdaq rose 0.2% and 0.9% respectively.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks rise at market open on renewed trade optimismU.S. stocks rose at the start of trade Monday after China's top trade negotiator, Vice Premier Liu He said over the weekend that the U.S. and China had made... LOL......it's not about trade...... Growing optimism?! 😂 🇺🇸🐓🐔 America is essentially a monopoly culture, and that the ultimate goal of a free market is to achieve the absolute minimal amount of actual competition—especially to an audience of people whose livelihoods are being destroyed by those very dynamics.
Source: MarketWatch - 🏆 3. / 97 Read more »