Business
Hasbro Reports Second Quarter 2024 Financial Results
Company Reports Growth in Profit and EPS in the Quarter and Raises Full Year Guidance Declares Quarterly Dividend PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro,
About this update from Hasbro, Inc.
[{"type":"text","content":"\nCompany Reports Growth in Profit and EPS in the Quarter and Raises Full Year Guidance\nDeclares Quarterly Dividend\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS), a leading toy and game company, today reported financial results for the second quarter 2024.\n\n\n\"We delivered a solid performance in games and digital licensing and substantial margin improvement this quarter,” said Chris Cocks, Hasbro Chief Executive Officer. “Hasbro is emerging as a more profitable, agile, and operationally excellent company delighting fans of all ages through the magic of play.\"\n\n\n\"We continued to make meaningful progress in our turnaround for Consumer Products in the second quarter,\" said Gina Goetter, Hasbro Chief Financial Officer. “The Hasbro team remains focused on back half execution and delivering on our updated full year commitments.”\n\n\nSecond Quarter 2024 Highlights\n\n\n\nSecond quarter Hasbro, Inc. revenue declined 18% driven primarily by the eOne divestiture; excluding the divestiture, revenue declined 6%. Growth of 20% in the Wizards of the Coast and Digital Gaming segment was offset by declines in Consumer Products (-20%) and Entertainment (-90%, or -30%, excluding the eOne divestiture).\n\n\n\nOperating profit of $212 million and operating margin of 21.3% includes $37 million of intangible amortization associated with eOne, loss on disposal of business and costs associated with the Company's transformation.\n\n\n\nAdjusted operating profit of $249 million (+$112 million vs. PY) and adjusted operating margin of 25.0% (+13.7 points vs. PY), driven by favorable business mix, supply chain productivity and reduced operating costs.\n\n\n\nDelivered $40 million of net cost savings and approximately $90 million year to date; on track for full-year net savings commitment.\n\n\n\nHasbro owned inventory down 51% versus prior year, including a 55% decline in Consumer Products inventory versus the second quarter 2023.\n\n\n\nReported net earnings of $0.99 per diluted share; adjusted net earnings of $1.22 per diluted share benefiting from favorable business mix and improved operations.\n\n\n\nCompany raises full year guidance.\n\n\n\nPaid $97 million in cash dividends to shareholders in the quarter.\n\n\n\nSecond Quarter 2024 Segment Details\n\n\n\nConsumer Products Segment\n\n\nRevenue decrease of 20% driven by...