Hasbro Q2 net revenues increased 8%
Foreign exchange had an unfavorable $1.2 million impact on second quarter revenues.
Net earnings for the second quarter 2014 were $33.5 million, or $0.26 per diluted share, compared to $36.5 million, or $0.28 per diluted share, in 2013. Excluding an unfavorable tax adjustment of $13.8 million, or $0.10 per diluted share, adjusted net earnings for the second quarter 2014 were $47.3 million, or $0.36 per diluted share.
Excluding pre-tax partial pension settlement charges of $2.5 million, or $0.01 per diluted share, associated with restructuring actions, adjusted net earnings for the second quarter 2013 were $38.3 million, or $0.29 per diluted share.
U.S. and Canada segment net revenues of $383 million decreased 2% compared to $389.2 million in 2013. The segment's results reflect growth in the Boys and Girls product categories offset by declines in the Games and Preschool categories. The U.S. and Canada segment reported operating profit of $46.9 million versus $59.0 million in 2013.
International segment net revenues increased 17% to $396.8 million compared to $340.2 million in 2013. Revenues in the International segment reflect double-digit growth in Europe, Latin America and Asia Pacific as well as growth in the Boys, Girls and Preschool product categories. The International segment reported operating profit of $29.2 million, up 98% versus $14.8 million in 2013.
Entertainment and Licensing segment net revenues increased 35% to $47.7 million compared to $35.3 million in 2013. The segment benefited from growth in lifestyle licensing, digital gaming and the addition of Backflip Studios. The Entertainment and Licensing segment reported 295% growth in operating profit to $14.6 million compared to $3.7 million in 2013. ■