Hasbro earnings (NASDAQ:HAS) were released on Friday and the company’s stock took a hit as its results were below what Wall Street was calling for by a considerable margin.
The toy maker said it brought in net income of $8.8 million for its fourth quarter of its fiscal 2018, which amounted to roughly 7 cents per share. This figure was stronger than its loss from its year-ago quarter of $5.3 million, or 4 cents per share–back then, the company was hit with a one-time charge associated with changes to the U.S. tax code.
On an adjusted basis, Hasbro said it brought in earnings of $1.33 per share, which was considerably lower than the $1.67 per share that the Wall Street consensus estimate called for, according to data compiled by Refinitiv. The company’s revenue took a hit when compared to the year-ago quarter, sliding 13% and coming in at $1.39 billion, which was also below the $1.52 billion that analysts were calling for.
The Rhode Island-based company was partially affected by a decline in sales in the toy industry, which fell 2% in 2018 when compared to 2017. This is due in large part to the nation experiencing its first Christmas in a world post-Toys R Us in more than 60 years as the toy store filed for bankruptcy.
HAS stock took a hit of roughly 4.2% on Friday following the company’s underwhelming quarterly results that saw revenue and earnings disappoint.
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