Hasbro 4Q revenue misses, to cut jobs
CEO Brian Goldner said in a statement that Hasbro created a plan during its fourth quarter to deliver $100 million in annual cost savings by 2015.
The company expects charges of about $37 million in 2012 and an additional $20 million to $30 million in estimated charges in 2013 related to its cost-cutting efforts.
Hasbro Inc. anticipates fourth-quarter revenue of about $1.28 billion. Analysts polled by FactSet predicted revenue of $1.4 billion. Unfavorable foreign currency exchange rates lowered results by $8 million.
Goldner said that demand over much of the holiday season was weaker than expected in the U.S. and some international markets.
For 2012, Hasbro expects adjusted earnings between $2.89 and $2.91 per share on revenue of approximately $4.09 billion. Unfavorable foreign currency exchange rates lowered revenue by $99 million.
Wall Street forecast earnings of $2.84 per share on revenue of $4.2 billion.
The company will report its fourth-quarter and full-year financial results on Feb. 7.
Its stock fell $1.14, or 3 percent, to close at $37.31 Friday. Its shares have traded in a 52-week range of $32 to $39.98.
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