Bank of America Corp, Hasbro, Inc. Beat Earnings Estimates

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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.

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.

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