Stock Rises Sharply on Down Day
Hasbro exceeded expectations with strong Q4 results reported on Monday, leading to an increase in the stock price of over 10% on a day when the Dow dropped over 100 points.
Hasbro sales were up 7% in constant currency to $1.38 billion in Q4, despite a weak global economy. And the company earned $165.6 million, a 77% increase over the earnings in Q4 2008.
Hasbro had the benefit of two movies based on its properties, Transformers and G.I. Joe, in 2009, which helped in its Boys category and in Entertainment and Licensing.
Hasbro also had a strong quarter in Games and Puzzles, with revenues up 18% over Q4 2008.
For the full year, Boys was up 9%, and Games and Puzzles was up slightly.