PAWTUCKET – Hasbro Inc. posted a profit of $220 million in the third quarter, a slight increase from $213 million one year prior, the company announced on Monday.
The quarterly earnings of 1.61 per diluted share compare to $1.67 per diluted share the previous year.
On a pro-forma basis, accounting for the acquisition of Entertainment One Ltd., the company said that profit in 2019 would have been $216.5 million or $1.57 per diluted share.
Revenue for the quarter totaled $1.8 billion, an increase from $1.6 billion one year prior. On a pro-forma basis, revenue declined 4% year over year.
The company said that sales were bolstered by Magic The Gathering, as well as products for Lucasfilm’s Star wars and the Mandalorian. Numerous Hasbro Gaming products were also said to have sold well in the quarter.
Entertainment licensing and digital revenue declined 23% year over year, attributable to the impact of COVID-19. Revenue from eOne properties also declined 32% year over year due to lower television and film income, also due to the pandemic.
“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,” said Hasbro chairman and CEO Brian Goldner. “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.”
Chief Financial Officer Deborah Thomas also noted that, “Hasbro’s partner factories and warehouses are open and operating and production [are] largely in line with demand.”
