Business

Toymaker Hasbro revenue beats estimates as TV, film business rebounds

Shares of the Rhode Island-based company rose 4 per cent in premarket trading

An undated photo from Hasbro shows the company’s $575 Transformers: War for Cybertron Unicron in planet mode, which is 30 inches in diameter. Photograph: Hasbro via The New York Times

Mon Jul 26 2021 - 11:51

Toymaker Hasbro beat quarterly revenue estimates on Monday as demand for its Dungeons & Dragons tabletop game rose and its film and television production business returned to growth after being largely shut down by the pandemic last year.

Shares of the company rose 4 per cent in premarket trading.

Vaccine rollouts and easing restrictions have helped live-action television production get back to business in the second quarter.

Revenue in Hasbro’s entertainment segment, which includes Peppa Pig maker Entertainment One and other movie businesses, jumped 47 per cent.

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The Monopoly maker’s net revenue rose 54 per cent to $1.32 billion (€1.12 billion)in the three months ended June 27th, beating analysts’ average estimate of $1.16 billion, according to a Refinitiv IBES estimate.

Hasbro reported adjusted net earnings of $145.4 million, or $1.05 per share in the second quarter, compared to $2.7 million, or 2 cents per share, a year earlier.– Reuters

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