Hasbro Posts Profit as Sales Rise, Costs Fall
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From Bloomberg News
Hasbro Inc., the world’s No. 2 toy maker behind El Segundo-based Mattel Inc., had a first-quarter profit of $1.19 million after reducing costs and increasing sales of such toys as Transformers. Analysts had expected a loss.
Net income of 1 cent a share contrasted with a net loss of $262.8 million, or $1.52, a year earlier, the company said. Sales rose 2.1% to $461.8 million.
Shares of Hasbro, based in Pawtucket, R.I., rose $1.36, or 9.6%, to $15.56 on the NYSE.
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