Hasbro Slips To Loss In Q1

(RTTNews) - Hasbro Inc. (HAS) reported that its first-quarter net loss attributable to the company was $69.64 million or $0.51 per share, compared to net income of $26.73 million or $0.21 per share in the prior year.

First quarter 2020 net loss included $127.5 million after tax of acquisition-related expenses and $19.9 million after tax of purchased intangible amortization associated with the eOne acquisition. Excluding the items, adjusted net earnings for the first quarter 2020 were $77.7 million or $0.57 per share.

Net revenues for the first quarter 2020 were $1.11 billion compared to $732.51 million in the previous year. Foreign exchange had an $11.7 million negative impact on first quarter 2020 revenues.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share and revenues of $1.14 billion. Analysts' estimates typically exclude special items.

As a result of COVID-19, the company expects the second quarter to be more challenging than the first quarter of the year with revenues and earnings down versus pro forma 2019.

Due to the uncertainty related to COVID-19 including its impact on the company's supply chain, global retailer operations, timing and production of entertainment and the global macroeconomic environment, the company withdrew its 2020 outlook.