PAWTUCKET, R.I. (AP) — Hasbro continues to wrestle with the demise of Toys R Us and shifting consumer trends, and it's falling well short of third-quarter expectations.
The Pawtucket, Rhode Island, toymaker said Monday that it will absorb charges of as much as $60 million next quarter as it cuts jobs.
Third-quarter earnings slipped to $263.9 million, or $2.06 per share. Adjusted for pretax gains, per-share earnings were $1.93, far below Wall Street projections for per-share earnings of $2.24, according to a survey by Zacks Investment Research.
Revenue of $1.57 billion also missed analyst expectations $1.71 billion.
Shares of Hasbro Inc. are up 8 percent this year.
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Portions of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HAS at https://www.zacks.com/ap/HAS
Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
