Published on 13 Feb 2024 on Zacks via Yahoo Finance

Hasbro's (HAS) Stock Down on Q4 Earnings & Revenue Miss

Hasbro, Inc. HAS reported tepid fourth-quarter 2023 results, wherein earnings and revenues missed the Zacks Consensus Estimate and declined year over year.The quarter’s downtrend was primarily attributable to the low contributions from the Consumer Products and Entertainment segments, partially offset by growth in the Wizards of the Coast and Digital Gaming segment. The challenging macroeconomic scenario was discouraging for the company’s prospects.Nonetheless, the company’s intent focus on enhancing and diversifying its product portfolio, inventory optimization and resetting the cost structure will aid it in building its growth momentum through 2024.Following the results, the stock declined 12.4% in the pre-market trading session on Feb 13.

Earnings & Revenues

In the fourth quarter of 2023, the company reported adjusted earnings per share (EPS) of 38 cents, missing the Zacks Consensus Estimate of 64 cents by 40.6%. In the year-ago quarter, it reported adjusted EPS of $1.31.