PAWTUCKET, R.I. - Hasbro Inc . (NASDAQ:HAS) shares jumped 6% in premarket trading Thursday after the toymaker reported better-than-expected third quarter earnings and maintained its full-year outlook.
The company posted adjusted earnings per share of $1.73, handily beating analyst estimates of $1.31. Revenue came in at $1.28 billion, slightly below the $1.3 billion consensus forecast but down 15% YoY.
Hasbro's gaming and licensing businesses outperformed in Q3, highlighting strength in two of its highest profit areas. Wizards of the Coast and Digital Gaming segment revenue declined 5% to $404 million, while Consumer Products revenue fell 10% to $860.1 million.
"Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit," said CEO Chris Cocks.
For the full year, Hasbro reiterated its adjusted EBITDA guidance of $975 million to $1.025 billion. The company now expects Consumer Products revenue to decline 12-14% and Wizards of the Coast revenue to be flat to down 1%.
CFO Gina Goetter said Hasbro is "poised to finish the year with improved profitability, cash flow and operational rigor" as it continues to execute its turnaround efforts.
The company declared a quarterly cash dividend of $0.70 per share.
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