Hasbro Reiterates 2023 Guidance

(RTTNews) - Hasbro, Inc. (HAS) said the first-quarter results came in ahead of the company's expectations and position it to meet full-year financial target. The company's full-year 2023 guidance remains: revenue down low-single digits; and adjusted earnings per share in the range of $4.45 to $4.55.

First quarter net loss was $22.1 million, or a net loss of $0.16 per share, compared to profit of $61.2 million or $0.44 per share, last year. Adjusted net income was $1.0 million, or $0.01 per share compared to $79.4 million or $0.57 per share. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.01, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenues of $1.00 billion declined 14% year-over-year, or 13% on a constant currency basis. Analysts on average had estimated $878.4 million in revenue.

Chris Cocks, Hasbro CEO said: "Wizards of the Coast and Digital Gaming delivered strong fan engagement. Segment revenues increased 12%, including a 16% revenue increase in MAGIC: THE GATHERING."

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