Hasbro Inc. (HAS) saw a 2.5% increase in premarket trading after the toy company surpassed its revenue target, although it fell short on adjusted earnings.
CEO Chris Cocks Highlights Solid Quarter
CEO Chris Cocks expressed satisfaction with the company's performance in the last quarter. Hasbro delivered better-than-anticipated revenue and demonstrated progress in reducing inventory and implementing cost-saving programs.
Transformers, Furby, and Magic: The Gathering Drive Growth
One of the main contributors to Hasbro's success was its Transformers franchise, which experienced significant growth. Additionally, the return of Furby and the release of Magic: The Gathering's Universes Beyond set further contributed to the company's positive performance.
Second Quarter Results
Hasbro reported a loss of $235 million, or $1.69 per share, for the second quarter, compared to a profit of $1.42 million, or $1.02 per share, during the same period last year.
Adjusted earnings for the three months ending June 30 were 49 cents per share, falling short of analysts' expectation of 56 cents per share based on FactSet data.
While revenue dropped by 10% to $1.21 billion, it exceeded the analyst estimate of $1.12 billion.
Looking ahead, Hasbro is targeting a 3% to 6% decline in revenue for 2023.
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