Hasbro posted its third quarter earnings that missed the Street expectations. The toymaker’s earnings came in at $1.42 a share compared to the $1.52 expected by analysts (based on Refinitiv poll).
Revenue for the quarter fell -15% from the year-ago quarter to $1.68 billion vs. $1.68 billion expected.
Hasbro’s entertainment segment experience a – 34% plunge in revenue, while Film and TV revenue fell -26% as Hasbro pointed to unfavorable comparisons to year-earlier streaming releases of the films Come from Away and Finch.
For the fourth quarter, Hasbro is expecting flat results versus last year. There are several upcoming releases, including Marvel’s “Black Panther: Wakanda Forever” and the company’s own “Transformers: EarthSpark,” for which the company aims to make merchandise during the fourth quarter and beyond.