Hasbro Shares Soar After Toymaker Posts Surprise Profit
- Unexpected sales growth ends streak of five quarterly declines
- Toymaker maintains sales and profit guidance for current year
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Hasbro Inc. said just two months ago that the first quarter wouldn’t be a good one, as it recovered from last year’s liquidation of Toys “R” Us Inc.
So investors were surprised when, instead of falling, sales rose 2 percent -- the first gain in six quarters -- with revenue topping analysts’ estimate by 11 percent. Meanwhile, the company delivered a profit of 21 cents a share, instead of the expected loss. The shares surged as much as 17 percent, the most intraday since 2001.