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Hasbro results beat expectations

PAWTUCKET, R.I. — Hasbro’s third-quarter net income rose 17 percent, buoyed by a favorable tax adjustment, higher international sales, and strength in girls’ toys domestically.

Results beat expectations and shares jumped 5.25 percent to close at $49.72.

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Hasbro’s revenue rose just 2 percent.

Sales were strongest in the girls’ category, led by My Little Pony. In the boys category, sales dropped 17 percent as the Marvel and Beyblade brands faced tough year-ago comparisons.

There were increased sales of Transformers and Star Wars products. Revenue from games also rose, while preschool sales slipped.

The number two toy maker earned $193 million, or $1.46 per share, for the three months ended Sept. 29. That compares with $164.9 million, or $1.24 per share, last year. a year earlier.

Excluding 18 cents per share for the tax adjustment and restructuring and pension charges of 3 cents per share, earnings were $1.31 per share. Analysts polled by FactSet expected adjusted earnings of $1.30 per share, on average.

Revenue for the Pawtucket, R.I., company rose 2 percent to $1.37 billion. Wall Street was calling for revenue of $1.35 billion.

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