Hasbro Quarterly Financial Results For Q2 2020
Hasbro has published its quarterly financial results for the time period of the economic shutdown. Read on for more details!
Here is a brief summary for those of you that don’t want to read the full release. Hasbro is doing fine, but it did take a small bump during the pandemic with stores being closed and movie tie-in products not being launched due to the cinema shutdown. Here is some info from the press release:
- Second quarter 2020 revenues were $860.3 million, down 29% on a pro forma basis
- Strong consumer demand for Hasbro products hampered by temporary store closures, product shortages in fast growing categories and lower retail inventory
- High-single digit global point of sale growth in Q2, remains strong entering Q3 and broadening across the portfolio
- Hasbro Gaming revenues up 11%
- eOne entertainment revenue negatively impacted by live action production shutdowns
- Factories and warehouses now open in nearly all markets and positioned to meet full-year product demand requirements
- Digital-first orientation delivering significant revenue and point of sale ecomm growth
- Net loss of $33.9 million or $0.25 per diluted share; excluding eOne acquisition-related expenses, severance and purchased intangible amortization, adjusted net earnings were $2.7 million, or $0.02 per diluted share
- Substantial liquidity and access to cash, including quarter ending cash of $1.0 billion; operating cash flow of $258.3 million; and availability of $1.5 billion under revolving credit facility
Hasbro (NASDAQ: HAS) is a global play and entertainment company committed to Creating the World’s Best Play and Entertainment Experiences. From toys, games and consumer products to television, movies, digital gaming, live action, music, and virtual reality experiences, Hasbro connects to global audiences by bringing to life great innovations, stories and brands across established and inventive platforms. Hasbro’s iconic brands include NERF, MAGIC: THE GATHERING, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE, POWER RANGERS, PEPPA PIG and PJ MASKS, as well as premier partner brands. Through its global entertainment studio, eOne, Hasbro is building its brands globally through great storytelling and content on all screens. Hasbro is committed to making the world a better place for all children and all families through corporate social responsibility and philanthropy. Hasbro ranked among the 2020 100 Best Corporate Citizens by 3BL Media and has been named one of the World’s Most Ethical Companies® by Ethisphere Institute for the past nine years. We routinely share important business and brand updates on our Investor Relations website, Newsroom and social channels (@Hasbro on Twitter and Instagram.)
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