Hasbro beat expectations in the third quarter of 2020 with earnings that topped estimates as sales for toys and games boomed globally.
Net revenues in the U.S. grew 9% to $977.1 million versus $898.3 million in the same period last year. Net revenues declined 4% to $1.78 billion versus $1.86 billion last year due to the combination of Hasbro and Entertainment One (eOne) and the disruption of production due to the COVID-19 pandemic paired with slow retail reopenings in Latin America pulling down the international segment. Net earnings hit $220.9 million, or $1.61 per diluted share, versus net earnings of $216.5 million, or $1.57 per diluted share, last year.
“Hasbro’s third quarter performance was the result of great work from our global team and continued growing consumer demand for Hasbro brands in most markets,” says Brian Goldner, Hasbro’s chairman and CEO. “Our broad, innovative product line, including leadership in gaming, excellence in global e-comm and compelling marketing campaigns drove meaningfully better performance in the third quarter. Building off this quarter’s growth in toys, games, and digital we are positioned to deliver a good holiday season. Live-action entertainment production is returning, and we are set to improve deliveries in the fourth quarter with some moving into 2021. While COVID-19 remains a factor in our global operations, consumers remain engaged in activities that create joy and personal connections and we are working purposefully to deliver them the world’s best play and entertainment experiences while remaining focused on the safety and well-being of our global teams and communities.”
More to follow…