Hasbro Inc. (NASDAQ: HAS) on Monday posted better-than-expected quarterly earnings, boosted by the strong demand for “Star Wars” toys and Disney Princess and “Frozen” dolls.
The toy maker said that net income surged 81 percent to $48.8 million, or 38 cents a share in the first quarter, compared with $26.7 million, or 21 cents a share, a year prior. Analyst had projected adjusted per-share earning of 24 cents in the quarter ended March 27.
Revenue rose 16 percent to $831.2 million in the first quarter from $713.5 million a year earlier, topping analysts’ estimates of $779.3 million.
The company said that “Star Wars” toys and Disney Princess and “Frozen” dolls help boosted the sales in both its boys and girls categories. “Star Wars” toys, the Neft and Yokai Watch help sales in boys categories, while Disney Princess and “Frozen” dolls helped boost the girls segment.
“Demand for ‘Star Wars: The Force Awakens’ products continued to be high, and we benefited from the addition of Disney Princess and ‘Frozen’ fashion and small dolls,” Chief Executive Officer Brian Goldner said in a statement. “We are very encouraged with global demand and our outlook for 2016.”
The sales in girls segment jumped 41 percent to $165.4 million, while boy segment increase 24 percent. In 2014, Hasbro won the rights to produce the popular dolls from rival Mattel Inc., the biggest toy maker in U.S.
Hasbro shares rose 4.98 percent to $86.54 at 12:52 P.M. in New York. Its biggest rival Mattel will report its results on Wednesday.