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Oct. 4, 2022, 12:21 p.m. EDT

Hasbro stock dives after downbeat quarterly revenue outlook, lowered full-year view

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By Tomi Kilgore

Shares of Hasbro Inc. /zigman2/quotes/201249319/composite HAS -4.43% took a midday dive into the red, then bounced back into the green, after the toy maker provided a downbeat third-quarter revenue outlook and cut its full-year outlook. After being up as much as 6.2% in morning trading, the stock dropped as much as 3.3% after the outlook update, before bouncing back to gain 0.5% in recent trading. The company said at its Investor Da that it expects third-quarter revenue to be down about 15% from a year ago, while the current FactSet revenue consensus of $1.89 billion implied a 3.9% decline. The company also said it now expects 2022 revenue to be "flat to slightly down" in constant currency, compared with guidance provided in July of revenue growth in the "low-single digit" percentage range. Separately, Hasbro said it targets a compounded annual growth rate (CAGR) in the mid-single digit percentage range to achieve revenue of at least $8.5 billion through 2027; the company had 2021 revenue of $6.42 billion. The long-term outlook comes as Hasbro announced Blueprint 2.0, a new "strategic approach" to managing its business to "monetize intellectual property, drive investments, deliver profitable growth and create shareholder value." The stock has lost 14.8% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.91% has lost 1.1%.

/zigman2/quotes/201249319/composite
US : U.S.: Nasdaq
$ 60.44
-2.80 -4.43%
Volume: 1.36M
Dec. 6, 2022 3:28p
P/E Ratio
20.14
Dividend Yield
4.66%
Market Cap
$8.73 billion
Rev. per Employee
$931,988
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/zigman2/quotes/210599714/realtime
US : S&P US
3,922.29
-76.55 -1.91%
Volume: 0.00
Dec. 6, 2022 3:28p
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