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. Shares are down more than 15%.
Hasbro CEO Brian Goldner says shifting dates for tariffs not even in place yet are affecting its supply chain and orders from customers.