Categories Analysis, Consumer

What to expect when Hasbro (HAS) reports Q2 2023 earnings

The consensus estimate is for EPS of $0.57 in Q2 2023

Shares of Hasbro, Inc. (NASDAQ: HAS) were up 3% on Monday. The stock has gained 8% over the past three months. The company is set to report its second quarter 2023 earnings results on Thursday, August 3, before market open. Here’s a look at what to expect from the earnings report:

Revenue

Analysts are projecting revenue of $1.11 billion for Q2 2023, which would represent a decline of 17% from the same period a year ago. In the first quarter of 2023, revenues declined 14% year-over-year to $1 billion.

Earnings

The consensus estimate is for EPS of $0.57 in Q2 2023 which compares to EPS of $1.15 in the prior-year period. In Q1 2023, adjusted EPS declined 98% YoY to $0.01.

Points to note

In the first quarter, Hasbro saw revenues decline across its Franchise Brands, Partner Brands, Portfolio Brands, and non-Hasbro Branded Film & TV. The decline in Franchise Brands was partly caused by reduction in inventory levels by retailers. Hasbro expects challenges in Q2 as retailers go back to traditional ordering and shipment patterns.

Last quarter, the company benefited from revenue growth in Hasbro Total Gaming and MAGIC: THE GATHERING. Revenues from MAGIC: THE GATHERING grew 16% helped by strong player demand. However, revenue from MAGIC: THE GATHERING is expected to decline in the second quarter due to the timing of new releases.

In Q1, revenues declined in the Consumer Products and Entertainment segments. The Wizards of the Coast and Digital Gaming segment saw revenue growth helped by strong performances from DUNGEONS & DRAGONS and MAGIC: THE GATHERING.

Hasbro is expected to generate cost savings from its Operational Excellence program and these savings are anticipated to increase through the year. In Q1, the company achieved cost savings of $35 million. It remains to be seen if this number grew in Q2.

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