Toy and board game company Hasbro, Inc. (HAS) reported Thursday a second-quarter net loss of $235.0 million, compared to earnings of $142.0 million a year ago.
Loss per share were $1.69, compared to prior year’s earnings per share of $1.02.
Adjusted net earnings were $67.7 million or $0.49 per share, compared to $160.6 million or $1.15 per share last year.
On average, nine analysts polled by Thomson Reuters expected earnings of $0.57 per share for the quarter. Analysts’ estimates typically exclude special items.
Net revenues fell 10 percent to $1.21 billion from last year’s $1.34 billion. The Street was looking for revenues of $1.12 billion.
Looking ahead for fiscal 2023, the company now expects revenue decline of 3% to 6% driven by the Entertainment Segment. The company previously expected revenue to be down in low-single digits.
Adjusted operating margin is expected to be up 20 to 50 basis points versus last year’s adjusted operating margin.
The company continues to expect adjusted EBITDA approximately flat with 2022 adjusted EBITDA.
Further, the company announced sale of eOne Film & TV business to Lionsgate in a transaction valued at approximately $500 million, enabling focus on core toy and game brands. The deal is expected to close in the back-half of 2023.
In pre-market activity on Nasdaq, Hasbro shares were gaining around 2.5 percent to trade at $66.
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