The company also detailed the impact that costs and financial benefits related to the acquisition of Entertainment One at the end of 2019 had on its latest results.
Toy giant Hasbro on Tuesday reported lower, but better-than-expected earnings for its fourth quarter ended Dec. 30 as Frozen 2 and Star Wars toys boosted revenue.
Its $3.8 billion acquisition of Entertainment One (eOne) on Dec. 30 meant the latest quarterly results didn't include financial results from the Canadian studio, but Hasbro said they were "impacted by eOne acquisition financing, foreign exchange hedges and other activities."
Among them were $17.8 million in eOne acquisition-related costs for the fourth quarter, $1.4 million in deal-related tax benefits, $139.7 million in foreign exchange hedge gains for the quarter and $20.6 million in financing transaction fees.
Earnings for the fourth quarter reached $267.3 million, or $2.01 per share, compared with $8.8 million, or 7 cents a share in the same period of 2018. "The incremental interest expense and additional shares issued to finance the eOne acquisition impacted fourth quarter 2019 by 9 cents" a share, the firm said. Adjusted earnings for the quarter amounted to $164.8 million, or $1.24 per share, excluding a benefit of $102.5 million, or 77 cents per share, "primarily relating to foreign currency gains as a result of hedging part of the British pound purchase price of eOne and other eOne acquisition costs." That was slightly down from the year-ago adjusted earnings of $169.6 million, or $1.33 per share.
Fourth-quarter revenue increased 3 percent to $1.43 billion, "bolstered by strong demand for Hasbro’s products for Disney’s Frozen 2 and Star Wars," which more than offset "an unfavorable $13.0 million impact from foreign exchange."
Said Hasbro CEO Brian Goldner: "Our acquisition of Entertainment One accelerates our Brand Blueprint strategy and significantly expands our expertise and capabilities as a global play and entertainment company. Our teams are actively engaged to unlock value across our organization – in gaming, in toys, in consumer products and in entertainment."
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February 11, 2020 at 07:01PM
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'Star Wars,' 'Frozen 2' Toys Boost Hasbro's Fourth-Quarter Revenue - Hollywood Reporter
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