UPDATE 1-Strong overseas demand boosts Hasbro results
Oct 21 (Reuters) - Hasbro Inc, whose popular brands include Monopoly, Nerf and My Little Pony, on Monday reported a higher-than-expected profit for the third quarter as strong overseas demand helped the second-largest U.S. toy company offset weakness at home.
Revenue at Hasbro's international unit rose 11 percent to $582.7 million, but fell 5 percent to $735.6 million in the United States and Canada.
The news came just days after larger rival Mattel Inc also topped Wall Street's profit estimates for the third quarter. Both companies are gearing up for the holiday season, the biggest selling period of the year.
In a statement, Hasbro Chief Executive Officer Brian Goldner said the company was operating in "a challenging consumer environment in developed economies." He credited a 22 percent rise in sales in emerging markets such as Latin America and the Asia Pacific for boosting its quarterly results.
Net earnings rose to $193.0 million, or $1.46 a share, from $164.9 million, or $1.24 a share, a year earlier.
Excluding a tax adjustment and restructuring and pension charges, the company earned $1.31 a share, above the analysts' average estimate of $1.29, according to Thomson Reuters I/B/E/S.
Sales rose 2 percent to $1.37 billion, beating analysts' expectations of $1.34 billion.