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Hasbro Reports Third-Quarter Earnings Beat on Strong Digital Sales

Hasbro reports stronger-than-expected third-quarter earnings as its recent focus on digital gaming and entertainment continues to propel sales.

Hasbro  (HAS) - Get Hasbro, Inc. (HAS) Report on Tuesday reported stronger-than-expected third-quarter earnings as its recent focus on digital gaming and entertainment continues to add to the toymaker's top and bottom lines.

The seller of Monopoly, Play-doh and Nerf products said adjusted earnings for the three months ending in September were $271.2 million, or $1.96 a share, vs. $258.9 million, or $1.88 a share a year ago. Analysts polled by FactSet had been expecting earnings of $1.70 a share. 

Revenue came in at $1.97 billion, up 11% from $1.78 billion a year ago though shy of the $2 billion tally expected by analysts polled by FactSet.

The results were the first disclosed since the passing earlier this month of former Chairman and CEO Brian Goldner. Goldner, who was 58, joined Hasbro in 2000. He was appointed CEO in 2008 and became Chairman of the Board in 2015.

"While we mourn the passing of our long-time leader and friend Brian Goldner, our performance is a testament to the power and potential of the Brand Blueprint strategy he architected,” Interim CEO Rich Stoddart said in a statement.

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Entertainment revenue rose “significantly,” Hasbro said, as the business continues to return to pre-pandemic levels and momentum from its ‘Wizards of the Coast’ business continues.

Hasbro's total gaming category, including all gaming revenue, most notably, ‘Magic: The Gathering’ and ‘Monopoly,’ which are reported in the franchise brands portfolio, totaled $658.6 million for the third quarter, up 21% over the same period in 2020.

“These performances more than overcame a small decline in our consumer product shipments amid global supply chain challenges in the quarter,” Hasbro said, adding that its teams “…continue to work around the clock to secure transport for our goods.”

At last check, shares of Hasbro were up 3.94% at $91.99.