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Hasbro (HAS) Tops Q3 EPS by 3c, Revenues Beat

October 26, 2020 6:30 AM

Hasbro (NASDAQ: HAS) reported Q3 EPS of $1.61, $0.03 better than the analyst estimate of $1.58. Revenue for the quarter fell 4% to $1.78 billion versus the consensus estimate of $1.73 billion.

Revenue grew 9% in the U.S. and Canada segment and 7% in the European region; revenue grew 50% in ecomm channels globally.

"Hasbro's third quarter performance was the result of great work from our global team and continued growing consumer demand for Hasbro brands in most markets," said Brian Goldner, Hasbro’s chairman and chief executive officer. "Our broad, innovative product line, including leadership in gaming, excellence in global ecomm and compelling marketing campaigns drove meaningfully better performance in the third quarter. Building off this quarter's growth in toys, games and digital we are positioned to deliver a good holiday season. Live-action entertainment production is returning, and we are set to improve deliveries in the fourth quarter with some moving into 2021. While COVID-19 remains a factor in our global operations, consumers remain engaged in activities that create joy and personal connections and we are working purposefully to deliver them the world's best play and entertainment experiences, while remaining focused on the safety and well-being of our global teams and communities."

"Our teams delivered a very good third quarter, showcasing the breadth of Hasbro's portfolio, the benefits of our cost management efforts and the strength of our balance sheet," said Deborah Thomas, Hasbro’s chief financial officer. "Hasbro's partner factories and warehouses are open and operating and production is largely in line with demand. With a strong focus on cash collections, DSOs are down year-over-year and sequentially, and we ended the quarter with $1.13 billion in cash on the balance sheet. Importantly, as we look to the future, we remain focused on executing a good holiday, managing our expenses and investing to support our business plans for future years."

For earnings history and earnings-related data on Hasbro (HAS) click here.

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