Today, Hasbro Inc. reported first quarter financial results, including net revenues of $713.5 million, a 5 percent increase versus $679.5 million in the prior year. Revenues increased 14 percent, excluding a negative $62.6 million impact from foreign exchange.
Net earnings for the first quarter were $26.7 million, or $.21 per diluted share, compared to $32.1 million, or $.24 per diluted share, in the previous year. Net earnings increased 43 percent versus adjusted net earnings of $18.6 million, or $.14 per diluted share, in the prior year. Reported first quarter net earnings included favorable tax adjustments of $13.5 million, or $.10 per diluted share.
Entertainment and Licensing segment net revenues increased 74 percent to $60.6 million, compared to $34.9 million in the previous year. Segment performance was driven by licensing revenues for Franchise Brands; in particular, My Little Pony and Transformers, during last year’s holiday period, and a multi-year digital streaming deal for Hasbro Studios television programming. The Entertainment and Licensing segment reported 174 percent operating profit growth to $16.4 million, compared to $6 million in 2014.
First quarter net revenues in the Boys category increased 10 percent to $272.6 million, driven by year-over-year revenue gains in Transformers and Nerf, as well as from growth in Marvel products and initial shipments of Jurassic World. Preschool category revenues increased 22 percent in the first quarter, driven by the Play-Doh brand, Playskool Heroes, growth in Transformers Rescue Bots, and initial Jurassic World products.
