Hasbro shares soar after 'Frozen'-themed sales help earnings beat
Hasbro shares skyrocketed after the company posted earnings and revenue that beat expectations Monday, citing strong holiday demand for Disney princess and "Frozen"-themed dolls.
Shares of the toymaker jumped 14 percent on Monday. The stock saw its best day since Jan. 25, 1996, when shares gained 32.24 percent.
The Rhode Island-based company posted earnings of $1.64 per share for the fourth quarter, well above expectations of $1.27 per share, according to a consensus of analysts polled by Thomson Reuters. Hasbro reported net revenue of $1.63 billion for the quarter, above the estimated $1.5 billion and up 11 percent from $1.47 billion in the fourth quarter of 2015.
Revenue for 2016 was $5.02 billion, up 13 percent from $4.45 billion in 2015. Hasbro's revenue for the girls category, which includes the Disney princess line, grew 50 percent in 2016 to a record $1.19 billion.
Hasbro shares 5-day performance
"We are well positioned for a successful 2017 and the continued advancement of Hasbro's brand-building capabilities for years to come," Brian Goldner, Hasbro's chairman, president and CEO said in a press release.
Hasbro also raised its quarterly dividend to 57 cents from 51 cents per share.
Shares of Hasbro's rival Mattel were up almost 1 percent in Monday morning trade but are down more than 5 percent for the year so far. Mattel reported an earnings and revenue miss for the quarter on Jan. 25. The toymaker lost the lucrative contract for Disney princesses to Hasbro back in 2014.
With Monday's gains, Hasbro's stock was up more than 21 percent for 2017.
Programming note: Hasbro CEO Brian Goldner is scheduled to appear on CNBC's "Mad Money" at 6 p.m., ET, Monday.