Business
Hasbro Reports Strong Revenue, Operating Profit and Earnings Growth in Third Quarter 2021
Differentiated business model drives growth led by Entertainment and Wizards of the Coast and Digital Gaming segments Third quarter 2021 revenues up 11% to
About this update from Hasbro, Inc.
[{"type":"text","content":"\nDifferentiated business model drives growth led by Entertainment and Wizards of the Coast and Digital Gaming segments\n\n\nThird quarter 2021 revenues up 11% to $1.97 billion\n\n\nEntertainment segment revenue up 76%\n\n\nWizards of the Coast and Digital Gaming segment revenue up 32%\n\n\nConsumer Products segment revenue down 3%\n\n\n\n\nOperating profit of $367.9 million, or 18.7% of revenues, up 9%\n\n\nAdjusted operating profit of $389.6 million, or 19.8% of revenues, up 6%\n\n\nNet earnings of $253.2 million, up 15%, or $1.83 per diluted share\n\n\nAdjusted net earnings of $271.2 million, up 5%, or $1.96 per diluted share\n\n\nNine-month operating cash flow of $685.6 million\n\n\nFurther reduced debt and maintained a strong cash position\n\n\nRepaid $400.0 million of debt and funded the quarterly dividend\n\n\nQuarter ending cash of $1.18 billion\n\n\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\n\nHasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the third quarter 2021.\n\n\"The Hasbro team performed at an extremely high level to deliver double-digit revenue growth, strong earnings and cash flow for the quarter, driven by our diversified business model,\" said Rich Stoddart, interim chief executive officer. \"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. Entertainment revenues were up significantly, as the business returns to pre-pandemic levels, and the momentum of the Wizards of the Coast business continued. These performances more than overcame a small decline in our Consumer Product shipments amidst global supply chain challenges in the quarter. Our teams continue to work around the clock to secure transport for our goods to meet the robust demand for Hasbro brands.\"\n\n\"The strength of the business is evident in the quarter's results, highlighting the benefits of our Brand Blueprint strategy to deliver strong revenue, earnings and cash flow,\" said Deborah Thomas, Hasbro’s chief financial officer. \"Our established and experienced leadership team continues to execute on the vision we all share. We are also working tirelessly to ensure product for the holiday, and are pleased that, through today, we have delivered much of what was...