Hasbro reported financial results for the second quarter 2017.
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Net revenues for the second quarter 2017 increased 11% to $972.5 million versus $878.9 million in 2016.
Net earnings for the second quarter 2017 increased 30% to $67.7 million, or $0.53 per diluted share, compared to $52.1 million, or $0.41 per diluted share, in 2016.
Reported net earnings include a $0.01 per diluted share benefit versus second quarter 2016 from the adoption of FASB ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting.
Second quarter 2017 U.S. and Canada segment net revenues increased 16% to $494.4 million compared to $425.9 million in 2016.
Revenues grew in Franchise Brands, Partner Brands and Hasbro Gaming, but declined in Emerging Brands.
The U.S. and Canada segment reported operating profit increased 41% to $81.6 million, or 16.5% of net revenues, compared to $58.0 million, or 13.6% of net revenues, in 2016.
International segment net revenues increased 6% to $426.6 million compared to $401.1 million in 2016
Second quarter 2017 International segment revenues include a favorable $2.4 million impact of foreign exchange.
evenue growth in Franchise Brands and Hasbro Gaming offset declines in Partner Brands and Emerging Brands.
On a regional basis, Europe revenues increased 4%, Latin America increased 3% and Asia Pacific increased 18%.
Emerging markets revenues increased 7% in the quarter.
International segment operating profit decreased 43% to $16.9 million, or 4.0% of net revenues, compared to $29.7 million, or 7.4% of net revenues, in 2016.
Entertainment and Licensing segment net revenues decreased 1% to $51.5 million compared to $51.9 million in 2016.
Growth in digital gaming, led by Backflip Studios, was offset by declines in entertainment revenues.
The Entertainment and Licensing segment operating profit decreased $2.5 million, or 18%, to $11.3 million, or 22.0% of net revenues, compared to $13.8 million, or 26.6% of net revenues, in 2016. ■