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Hasbro’s (Nasdaq: HAS) earnings were a rare bright spot on an otherwise gloomy day for the markets.
The mid-cap toymaker saw its stock jump 4% on a day when the S&P 500 fell nearly 1%. The company’s earnings of 33 cents per share outpaced consensus analyst estimates of 23 cents a share.
Hasbro also upped its quarterly dividend from 30 to 36 cents.
The 4% bump pushed Hasbro shares to $35.19 – their highest level since late May.
Still, as per usual with many earnings reports these days, Hasbro’s “beat” was due mostly to low expectations. The company’s profits of $43.4 million were roughly a quarter less than the $58 million it made in the same quarter a year ago.
But the year-to-year profit drop didn’t deter the company from increasing its already generous dividend. The 36 cents per quarter amounts to a very generous 4.3% yield – its highest ever.