Hasbro Inc. HAS stock was up 2.5% in premarket trades after it beat its revenue target but missed on adjusted earnings. The toy maker reported a second-quarter loss of $235 million, or $1.69 a share, after reporting year-ago profit of $1.42 million, or $1.02 a share. Adjusted earnings for the three months ended June 30 were 49 cents a share, short of the analyst expectation of 56 cents a share, according to FactSet data. Revenue dropped 10% to $1.21 billion but exceeded the analyst estimate of $1.12 billion. CEO Chris Cocks said the toy company delivered a solid quarter with better-than-expected revenue, reduction in inventory and progress on cost savings programs. The company cited growth in its Transformers franchise as well as the return of Furby and the release of Magic: The Gathering’s Universes Beyond set. Looking ahead, Hasbro is targeting a 2023 revenue decline of 3% to 6%.
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