PAWTUCKET, R.I. (AP) — Shares of Hasbro are plunging after the company said the trade war is hammering its supply chain.
The toymaker on Tuesday reported third-quarter net income of $212.9 million, or $1.67 per share. Even removing one-time costs which brings per share earnings to $1.84, the company fell well short of Wall Street expectations for $2.22, according to Zacks Investment Research.
Its revenue of $1.58 billion is also below the $1.73 billion industry analysts had expected.
Hasbro CEO Brian Goldner says shifting dates for tariffs not even in place yet are affecting its supply chain and orders from customers.
Shares are down more than 15%.
Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HAS at https://www.zacks.com/ap/HAS