Hasbro Inc. (HAS) - Get Hasbro, Inc. (HAS) Report posted stronger-than-expected second quarter earnings Monday as its recent focus on digital gaming and entertainment continues to add to the toymaker's top and bottom lines.
Hasbro said adjusted earnings for the three months ending in June were pegged at $1.05 per share, up from just 2 cents per share over the same period last year and well ahead of the Street consensus forecast of 47 cents per share. Group revenues, Hasbro said, rose 53% to $1.32 billion, again beating analysts' estimates of a $1.16 billion tally.
Entertainment revenues, which include its popular Peppa Pig franchise, were up 47% to $226.7 million, Hasbro said, while its traditional consumer products revenues were up 33% at $689.2 million. Wizards of the Coast & Digital gaming sales rose fourfold to $406.3 million, Hasbro said.
"Hasbro delivered an excellent second quarter, with revenues up 54% versus the second quarter of last year and 9% versus pro forma second quarter 2019," said CEO Brian Goldner. "Wizards continued to generate outstanding results behind a compelling analog and digital release schedule for MAGIC: THE GATHERING. Consumer products revenue increased as demand remains robust for Hasbro toys and games and entertainment revenue grew as we are producing entertainment with strong deliveries."
"The Hasbro team is performing at a high level and Supercharging our Brand Blueprint to drive demand for our brands and content slate as we track to our target of double-digit revenue growth for the full-year and position us for profitable growth not just this year but also in future years," he added.
Hasbro shares were marked 9.8% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $101.50 each, a move that nudges the stock into positive territory for the year.