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Game and toy maker Hasbro (NYSE: HAS) had its chance to impress Wall Street with its second quarter results Monday morning, and the company indeed did not disappoint, posting stronger than expected earnings.Spurred by strong sales of G.I. Joe and Transformers toys, the company reported a 5% jump in profit with earnings of 26 cents per share. Going into today's earnings report analysts had expected earnings of just 23 cents per share.
Revenue was slightly lower than analysts expectations. Analysts predicted revenues of $797.1 million, and the company reported revenues of $792.2 million.
This summer's movie lineup is working in Hasbro's favor. The sequel to the first Transformer blockbuster is now in theaters, Transformers: Revenge of the Fallen, and next month a G.I. Joe movie sequel is set to hit the big screen in August.
The company's President and Chief Executive Officer, Brian Goldner, stated that "Hasbro performed well in what continues to be a challenging global environment," and that "for the remainder of this year, we will continue to invest in our business and closely manage our expenses."
HAS shares gained about 2.5% in pre-market trading at last check.
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