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UPDATE 2-Hasbro shares plunge as toymaker battles tariff costs

(Adds analyst and executive quotes, background on tariffs, updates shares)

Oct 22 (Reuters) - Hasbro Inc fell well short of Wall Street estimates for quarterly profit on Tuesday, as shipping and warehousing costs jumped due to retailers canceling and delaying orders in the face of likely tariffs on toys, sending its shares tumbling 14%.

The toymaker sources more than two-thirds of its U.S. products from China and the country's tit-for-tat tariffs war with the United States has forced the company to rework its supply lines, and retailers to delay taking shipments.

"We saw multiple different dates for the enactment of List 4 tariffs come and be delayed, and yet the prospect had our retailers cancel major direct import program orders and rewrite many of those orders as domestic shipments," Chief Executive Officer Brian Goldner said on a post earnings call.

Goldner said the company still faces the prospect of more direct import cancellations and shifts to domestic orders as Dec. 15 approaches, the day when tariffs on most of Hasbro's product lines are likely to go into effect.

The tariffs threat has overshadowed the company's push into content media, where it has been buying smaller firms and tying up with major movie studios to boost sales of toys linked to movie franchises.

As part of that strategy, Hasbro said in August it would buy Entertainment One for about $4 billion, adding popular preschool brands such as Peppa Pig and PJ Masks.

Last year, the company spent about $520 million to add children's entertainment and merchandising franchises, including the characters of the superhero TV show Power Rangers.

Net revenue rose marginally to $1.58 billion in the third quarter, but missed the average analyst estimate of $1.72 billion, according to IBES data from Refinitiv.

Excluding certain items, the company earned $1.84 per share, much below analysts' estimate of $2.21 per share.

"It's a disappointing result and it's a bit of a surprise," said James Chartier, an analyst at Monness, Crespi, Hardt & Co.

Shares of the company were down 14.3% at $103 before bell, having gained about 48% this year to Monday's close.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)