STOCK WATCH: HASBRO Reports 3rd Qtr Earnings

We gave you the heads up on Friday, and now here it is. HASBRO, Inc. (HAS NYSE) has reported its 3rd quarter earnings this morning via webcast.

Heres the scoop:
Highlights
-- Net revenues of $1.3 billion for the quarter, an increase of $78.9 million or 6% from a year ago, or an increase of 5% absent the impact of foreign exchange;
-- Net earnings of $138.2 million, or $0.89 per diluted share, compared to $132.0 million or $0.78 per diluted share excluding the impact of a favorable tax adjustment of $29.6 million or $0.17 per diluted share in 2007;
-- U.S. and Canada segment net revenues up 6% for the quarter and International segment net revenues up 9% for the quarter, or 4% excluding the impact of foreign exchange;
-- Boys, Girls, Preschool and Games up globally compared to a year ago, with growth driven by strong performances from STAR WARS, PLAYSKOOL, FURREAL FRIENDS, LITTLEST PET SHOP, NERF, BABY ALIVE, and in both board and trading card games;
-- Balance sheet remains strong, with operating cash flow of $579.0 million over the last 12 months.


"We are very pleased with our third quarter and year-to-date performance," said Brian Goldner, President and Chief Executive Officer. "In a challenging environment, we delivered both revenue and earnings growth. As we look to the remainder of the year, we are well positioned with the richest and most diversified portfolio of brands in the industry."

The actual duration of the webcast was an hour long. In the webcast we do get to hear a positive introduction to the report by CEO Brian Goldner, who also told us that he's seen raw footage of Tranformers: Revenge of the Fallen and is very pleased. He also stated that the Transformers brand continues to be a strong point in the company despite this being an "non movie year" and that the Transformers Animated line has really pushed the brand.

Unfortunately the company has been affected by the recent economic stresses on the global market with profits down nearly 15% from last year. This was expected by the company as increases in costs for production and in costs of discretionary spending went up during the quarter. Key market brands by HASBRO are still going strong with high gains occuring in the board game department. It was stated by Mr. Goldner that this is because more families are electing to stay home instead of going out for whatever reason.

The webcast ended with some in depth Q&A from investors to Mr. Goldner and David Hargreaves, Chief Operating Officer and Chief Financial Officer. Investors and future investors would do well to listen to that portion.

To view the official press release of today's report, click here, to listen to the webcast, click here

At the time of posting, HASBRO shares were $27.80, or down $2.72 (7.76%).