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- Hasbro Inc HAS reported a fourth-quarter FY22 sales decline of 17% year-on-year to $1.678 billion, marginally missing the consensus of $1.68 billion.
- Segment Revenue: Consumer Products fell 26%, Wizards of the Coast and Digital Gaming increased 22%. Entertainment segment revenues declined 12%.
- Selling, distribution, and administration costs grew 55.6%. The operating loss for the quarter was $(125.7) million compared to an operating profit of $171.5 million last year.
- The company held $513.1 million in cash and equivalents as of Dec. 25, 2022.
- Inventories at the end of Q4 increased to $676.8 million from $552.1 million last year.
- Adjusted EPS of $1.31 beat the analyst consensus of $1.29.
- Adjusted EBITDA for the quarter rose 7% to $327.2 million.
- The company's next dividend of $0.70 per share will be payable on May 15, 2023, to shareholders of record on May 1, 2023.
- "Our current cash position adequately supports our business needs in the short-term, and operating cash flow is expected to nearly double in 2023," said CFO Deborah Thomas.
- Outlook: Hasbro sees FY23 adjusted EPS of $4.45 - $4.55 versus the consensus of $4.88.
- It expects FY23 revenue to be down in low-single digits, with adjusted operating profit margin expansion of 50 – 70 basis points.
- Price Action: HAS shares are trading higher by 3.05% at $60.16 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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