PAWTUCKET – Hasbro Inc. earned a $428.7 million profit in 2021, a 93% increase year over year, the company reported on Monday.
Revenue totaled $6.42 billion, a 17% increase over last year.
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Earnings per share for the year were $3.10 per share, compared with $1.62 one year prior.
“The Hasbro team finished the year strong and delivered an exceptional full-year 2021, including another record revenue year for Wizards of the Coast; strong revenue growth for consumer products; and a robust, progressively more Hasbro brand-led, content slate to return to 2019 levels of deliveries for entertainment,” said Rich Stoddart, Hasbro interim chief executive officer.
“Fans and consumers are increasingly interacting with brands in more ways than ever – our unique set of strategic assets across toys and games, entertainment, digital gaming and licensing provide the foundation for maximizing the value of both our existing franchises and new IP,” he said.
Hasbro last month said Chris Cocks, a top executive in the toy company’s Wizards of the Coast and digital gaming division, will take over as CEO on Feb. 25, replacing Stoddart, who will become chairman of the board.
• The company’s franchise brands generated $2.79 billion in revenue, a 22% increase year over year.
• Partners brands revenue grew 8% over the previous year, to $1.16 billion.
• Hasbro gaming revenue increased 4%, to $851.4 million.
• Emerging brands revenue saw the biggest percentage increase of all company segments, jumping 29% year over year, to $617.6 million.
• Hasbro’s television, film and entertainment division also saw a healthy revenue increase of 24%, to $997.7 million.
The company reported a fourth-quarter profit of $82.2 million, a 22% decline year over year.
Chief Financial Officer Deborah Thomas said the company had to navigate through supply chain challenges that included “higher fourth-quarter input and freight costs across our business.”
The quarterly results were also affected by a $41.3 million net noncash, nonoperating charge associated with the company’s investment in the Disney Family Channel.
The toymaker reported a net income of 59 cents per share for the quarter, down 22% year over year.
Revenue for the quarter was $2.01 billion, a 17% increase year over year.
The fourth-quarter results topped Wall Street expectations for both earnings and revenue.
The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share. Five analysts surveyed by Zacks expected $1.87 billion in revenue, according to The Associated Press.
