Business
Hasbro Reports First Quarter 2024 Financial Results
Company Reports Improved Profitability and EPS Growth in the quarter PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro, Inc. (NASDAQ: HAS), a leading toy and game
About this update from Hasbro, Inc.
[{"type":"text","content":"\nCompany Reports Improved Profitability and EPS Growth in the quarter\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS), a leading toy and game company, today reported financial results for the first quarter 2024.\n\n\n\"The first quarter was a good start to the year for Hasbro; we are continuing to see the results of our transformation work,\" said Chris Cocks, Hasbro Chief Executive Officer. \"Performance from our licensing portfolio shows the strength of our brands and we continue to fuel innovation in games and toys as we expand our reach across play patterns to fans of all ages.\"\n\n\n\"We made solid progress in our turnaround efforts in the first quarter,\" said Gina Goetter, Hasbro, Chief Financial Officer. \"We landed revenue where we expected and drove significant operating profit improvement led by our operational excellence program and improved business mix. We remain on track for our full-year commitments.\"\n\n\nFirst Quarter 2024 Highlights\n\n\n\nFirst quarter Hasbro, Inc. revenue declined 24% driven primarily by the eOne film and television divestiture; excluding the divestiture, revenue decline 9% with growth in the Wizards of the Coast and Digital Gaming segment (+7%) and Entertainment (+65%) more than offset by declines in Consumer Products (-21%).\n\n\n\nOperating profit of $116.2 million includes $32.4 million of intangible amortization associated with eOne, loss on disposal of business and costs associated with the Company's transformation; Operating Margin of 15.3%\n\n\n\nAdjusted operating profit of $148.6 million (+$101.4 million vs. PY) and adjusted operating margin of 19.6% (+14.9 points vs. PY), driven by favorable business mix, supply chain productivity and reduced operating costs.\n\n\n\nHasbro owned inventory down 53% versus prior year, including a 57% decline in Consumer Products inventory versus the first quarter 2023.\n\n\n\nReported net earnings of $0.42 per diluted share; adjusted net earnings of $0.61 per diluted share benefiting from improved operations and favorability from a stock compensation adjustment and net interest expense reduction.\n\n\n\nOperating cash flow of $177.8 million vs. $88.8 million in the prior year driven by improved operating results and benefits from working capital.\n\n\n\nPaid $97.2 million in cash dividends to shareholders in the quarter.\n\n\...