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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.
Hasbro
Hasbro
Hasbro Revenue by Segment
Hasbro Revenue by Geographic Location
Revenue by Segment
Consumer Products Revenue
CapyFin.comEntertainment Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comLatin America Revenue
CapyFin.com 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