Hasbro and Halliburton released the earnings reports for their most recently completed quarters this morning before opening bell. Hasbro smashed earnings estimates, posting 21 cents per share in net earnings on $713.5 million in revenue, a 5% increase, for the first quarter. Analysts had been expecting earnings of 9 cents per share on $668.3 million in revenue for the quarter.
Halliburton also beat estimates, posting adjusted earnings of 49 cents per share on $7.1 billion in revenue. Analysts had been expecting earnings of 37 cents per share on $6.9 billion in revenue for the first quarter.
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Key metrics from Hasbro’s earnings report
Excluding negative impacts from foreign exchange rates, Hasbro’s revenues increased 14% year over year. Net earnings for the quarter were $26.7 million, compared to last year’s 24 cents per share or $32.1 million, which included a 10-cent per share favorable impact due to tax adjustments. Excluding that favorable impact from last year, Hasbro’s earnings increased 43% year over year.
Net revenues from Hasbro’s Boys category rose 10% to $272.6 million driven by the Transformers and Nerf brands, while the Games category increased 7% to $235.6 million driven by Magic: The Gathering and Monopoly. The toy maker’s Girls toys fell 16% to $117.1 million, mostly due to falling sales in Furby, Furreal Friends and Easy Bank brands. Hasbro’s Preschool toys saw a 22% increase in revenue to $88.1 million driven by Play-Doh and Playskool brands.
Key metrics from Halliburton’s earnings report
Halliburton reported a GAAP loss of 75 cents per share, which includes 92 cents per share in charges mostly related to tumbling energy prices. Those charges included write-offs for assets, inventory write-downs, severance and other related costs.
“North America experienced an unprecedented decline in drilling activity during the first quarter, which drove pricing pressure and margin compression across all product lines,” said Halliburton Chairman and CEO Dave Lesar in a statement this morning. “First quarter revenue declined 9% and operating income declined 54%, year-over-year, compared to a 21% reduction in the United States land rig count. Activity has dropped approximately 50% from the peak in late November and we expect to continue to see pricing pressure for our services until the rig count stabilizes.”
The company also saw a loss of 23 cents per share due to the devaluation of the Venezuelan bolivar and charges of about 4 cents per share related to the acquisition of Baker-Hughes.
Halliburton reported $4.246 billion in Completion and Production revenue and $2.804 billion in Drilling and Evaluation revenue.