Halliburton Company (NYSE:HAL) and Hasbro Inc. (NASDAQ:HAS) announced their first quarter results today. Both companies suffered losses, Halliburton Company (NYSE:HAL) due to litigation charges and Hasbro, Inc. (NASDAQ:HAS) due to restructuring charges. Here is the detailed report:
Halliburton Company (NYSE:HAL)
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The oil service company posted $18 million losses in the first quarter. The company incurred litigation charges in the 2010 Gulf of Mexico oil spill case. Excluding the one-time items, Halliburton Company (NYSE:HAL) actually made a profit and surpassed Wall Street expectations.
The losses came at 2 cents per share. The company had earned a profit of 68 cents or $627 million in the same period last year. Excluding one-time charges, the company earned 67 cents per share, beating the Wall Street consensus of 57 cents. Revenues increased to $6.97 billion, compared to analysts’ estimates of $6.88 billion.
Halliburton Company (NYSE:HAL) is reaping the benefits of the recent oil production boom which are at the highest level in two decades. However, its natural gas business declined during the quarter. Shares of Halliburton Company (NYSE:HAL) rose 3.92 percent to $38.67 in the early session after the earnings beat analysts’ expectations.
Hasbro, Inc. (NASDAQ:HAS)
The toy maker’s first quarter losses widened on restructuring charges, however revenues from three product categories increased during the quarter. Hasbro, Inc. (NASDAQ:HAS) Chief Executive Brian Goldner said that the company is re-inventing its Games business which showed positive signs with revenue growth. Hasbro, Inc. (NASDAQ:HAS) also posted revenue growth in Girls and Preschool categories.
The sales in Boys category declined 20 percent, the Preschool category sales grew 7.4 percent, Girls category witnessed 23 percent sales growth while Games category sales surged 26 percent. The Boys category, which includes products like G.I. Joe and Transformers toys, is the biggest product category of Hasbro, Inc. (NASDAQ:HAS). The Boys category sales were weak due to slow U.S. economy, poor European market and rising dominance of mobile device games. The company issued pessimistic guidance for the full year, warning that it may have to cut jobs.
The company posted a loss of five cents a share or $6.67 million, compared to a net loss of $2.58 million in Q1 2012. Excluding one-time items like tax benefits and restructuring charges, earnings came at 5 cents per share. Revenues were up 2.3 percent to $663.7 million. Analysts were expecting four cents in earnings with $639 million in revenues.
Hasbro, Inc. (NASDAQ:HAS) shares were up 2.73 percent to $46.25 in early trading.