Why Hasbro (HAS) Shares Are Jumping Today - Hasbro (NASDAQ:HAS)

Hasbro Inc HAS shares are gaining Thursday morning following its first quarter FY23 results. The company also reiterated its full-year financial guidance as turnaround efforts progress and MAGIC: THE GATHERING growth continues.
HAS reported a first-quarter FY23 sales decline of 14% year-on-year to $1 billion, beating the consensus of $878.40 million.
Segment Revenue: Consumer Products fell 23%, Wizards of the Coast and Digital Gaming increased 12%. Entertainment segment revenues declined 19%.
Selling, distribution, and administration costs rose 3.5%. The operating margin contracted Y/Y from 10.3% to 1.8%, and operating income for the quarter plunged 85% to $17.9 million.
The company held $386.2 million in cash and equivalents as of April 2, 2023.
Adjusted EPS of $0.01 was in line with the analyst consensus.
Adjusted EBITDA for the quarter declined 49% to $98.7 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, 2022.
Outlook: Hasbro continues to see FY23 revenue to be down in low-single digits.
Hasbro reaffirmed its FY23 adjusted EPS outlook of $4.45 - $4.55, above the Street view of $4.38.
Also Read: Mattel Expects To Issue 400% Loss, Embraces Diversity With New Barbie And Toy Partnerships
Price Action: HAS shares are trading higher by 10.78% at $56.95 on the last check Thursday.

Why Hasbro Shares Are Jumping Today