Loading...
•
Apr 02, 2023
Hasbro Q1 2023 Earnings Report
Hasbro's financial performance was ahead of expectations, positioning the company to meet full-year financial targets, driven by Wizards of the Coast and Digital Gaming's strong fan engagement and revenue growth in MAGIC: THE GATHERING.
Key Takeaways
Hasbro reported first quarter 2023 financial results, with revenues of $1.00 billion, a 14% year-over-year decline. MAGIC: THE GATHERING revenue increased by 16%. The company realized $35 million in Operational Excellence program cost savings and reaffirmed its full-year 2023 financial guidance.
First quarter revenues reached $1.00 billion, a 14% decrease compared to the previous year, or 13% on a constant currency basis.
MAGIC: THE GATHERING revenue increased by 16% year-over-year.
The company's first quarter operating profit was $17.9 million, with an adjusted operating profit of $47.2 million.
Hasbro achieved $35 million in cost savings through its Operational Excellence program year-to-date and reaffirms guidance for $150 million run-rate savings for full-year 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company's full-year 2023 guidance remains: Revenue down low-single digits, Adjusted operating profit margin expansion of 50 to 70 basis points, Adjusted earnings per diluted share in the range of $4.45 to $4.55, Adjusted EBITDA approximately flat with 2022 Adjusted EBITDA, Operating cash flow in the range of $600 to $700 million.
Positive Outlook
- Adjusted operating profit margin expansion of 50 to 70 basis points, excluding Operational Excellence charges and other non-GAAP items
- Adjusted earnings per diluted share in the range of $4.45 to $4.55
- Adjusted EBITDA approximately flat with 2022 Adjusted EBITDA
- Operating cash flow in the range of $600 to $700 million
Challenges Ahead
- Revenue down low-single digits
- Expected flat to declining toy and game market in 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...