The US-based toymaker Hasbro announced on Monday that its first-quarter benefits have been endorsed by the rise in revenues coming in from all major product categories and the tax benefit. Both the factors have helped the toymaker in yielding triple profits.

The company has been planning to begin a $625 million share buyback plan.

The profit surged to $58.9 million, or 40 cents per share, in the first quarter, rising from $19.7 million or 14 cents per share in the previous year.

The net income in the quarter came out to be 26 cents per share, crossing analysts' estimations of 16 cents per share.

Hasbro has shared that, during the quarter, revenues have risen by 8%, going beyond analysts' forecasts of $642.7 million.

Hasbro's CEO Brian Goldner said that the year, so far, has been depicting a robust consumer spending trend.

He further said that the results of the second quarter may not be equivalent in the next quarter, given the toy shipments are tied to "Transformers: Revenge of the Fallen". However, the company looks forward for a remarkable revenue generation in the current fiscal term.