Hasbro Inc. (HAS, -0.28%) saw a 2.5% increase in its stock during premarket trading after surpassing its revenue target, despite falling short on adjusted earnings. For the second quarter, the renowned toy maker reported a loss of $235 million, or $1.69 per share, in comparison to the year-ago profit of $1.42 million, or $1.02 a share. While adjusted earnings for the three months ending June 30 reached 49 cents per share, it fell below the analyst expectation of 56 cents per share, based on FactSet data.
Although revenue experienced a 10% decline to $1.21 billion, it exceeded the analyst estimate of $1.12 billion. CEO Chris Cocks expressed satisfaction with the quarter’s results, highlighting the company’s strong revenue performance, inventory reduction efforts, and progress made through cost savings programs. The growth of Hasbro’s Transformers franchise, coupled with the successful return of Furby and the release of Magic: The Gathering’s Universes Beyond set, contributed to these positive outcomes.
Looking ahead, Hasbro aims to achieve a 3% to 6% decline in revenue for 2023.
