The news: Despite sluggish demand for toys, Hasbro and Mattel both generated higher profits in Q3.
Hasbro easily beat profit expectations with earnings per share (EPS) of $1.73, well ahead of the $1.29 analysts expected. However, the company’s $1.28 billion in revenues were down 14.8% year over year (YoY) and $20 million short of expectations.
Mattel’s EPS rose 5.6% to $1.14, ahead of analysts’ expected 95 cents. Its revenues fell 3.9% YoY to $1.84 billion, which was also $20 million short of expectations.
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