Hasbro, trying to find footing, posts weak 3Q

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.


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