Hasbro (HAS) Q2 Financial Results Top Expectations

Hasbro Inc. (NASDAQ:HAS) has been around for nearly a century. It started as a textile company in 1923 but eventually stepped into the toy business. By 1942, the company’s core business was manufacturing and selling toys. Today, Hasbro is a top play and entertainment company.

The Pawtucket, Rhode Island-based company recently announced strong financial results for the second quarter, helped by elevated demand for its role-playing and board games. Hasbro reported a loss of 17 cents per share for the three months ended June 27, narrower than 25 cents per share in the comparable period of 2020. The toy maker earned 1.05 per share on an adjusted basis, crushing the consensus forecast of 47 cents per share.

Revenue for the quarter climbed 54 percent on a year-over-year basis to $1.32 billion, beating analysts average estimate of $1.16 billion. In addition, revenue from its flagship consumer product business jumped 33 percent to $689.2 million, above the consensus projection of $617.6 million.

Speaking on the results, CFO Deborah Thomas said, “Strength across Hasbro’s brands and business backed by strong execution from the entire team drove superb results for our second quarter. As we invest to unlock value from our brands across the blueprint, we are on track to reach our objectives for the year while expanding the reach of our business, reducing debt and paying our dividend. The discipline in our business is evident from the $1.2 billion in cash we had on hand at quarter end, reporting the lowest days sales outstanding in our recent history, and repaying $250 million in debt.”

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