Bank of America and Hasbro released their second quarter earnings reports before opening bell this morning. Bank of America posted adjusted earnings of 42 cents per share on $20.6 billion in adjusted revenue. Net revenues declined to $20.4 billion from $22 billion last year.
Hasbro posted 41 cents per share in net earnings on $878.9 million in revenue. Analysts had been expecting earnings of 39 cents per share on $858.97 million in revenue.
With the S&P 500 falling a double-digit percentage in the first half, most equity hedge fund managers struggled to keep their heads above water. The performance of the equity hedge fund sector stands in stark contrast to macro hedge funds, which are enjoying one of the best runs of good performance since the financial crisis. Read More
Bank of America posts solid results
Bank of America said net income declined to 36 cents per share or $4.2 billion, compared to last year’s 43 cents per share or $5.1 billion. This includes 5 cents per share in negative impacts after taxes for market-related NII adjustments and a negative impact of 1 cent per share for net DVA.
The bank’s Consumer Banking division saw loans increase $14.9 billion while deposits rose $45.3 billion. Total credit and debit card spending increased 4%. In the Global Wealth and Investment Management segment, total client balances were $2.4 trillion at the end of the quarter, with loans up $9.1 billion and deposits up $13.4 billion.
The Global Banking division saw a $29.2 billion increase in loans and $12.3 billion increase in deposits. Bank of America’s Global Markets division saw a 14% increase in sales and trading revenue, including a 27% increase in fixed income and an 8% decline in equities.
Bank of America shares edged higher by 0.29% to $13.70 in premarket trading this morning.
Hasbro records growth in all categories
Hasbro’s U.S. and Canada revenues and International revenues each grew 11% year over year as all of its toy categories recorded growth. U.S. and Canada revenues were $425.9 million, while International revenues were $401.1 million Entertainment and Licensing revenues grew 9% to $51.9 million.
The Boys category saw a 4% increase in net revenues to $355.1 million, while Games revenue grew 8% to $227.7 million. Girls revenue surged 25% to $172.3 million, while Preschool revenue grew 5% to $123.9 million. In Boys, gains in Nerf and Star Wars and the new Yokai Watch drove growth. Pie Face, Duel Masters, Yahtzee, Simon and Bop-It drove growth in Games. Disney Princess and Disney’s Frozen fashion and small dolls drove the growth.
Shares of Hasbro rose 1.08% to $86.42 in premarket trading this morning.