Hasbro (NASDAQ: HAS) announced Q3 results with revenues of $1.68 billion, a decline of 15% year-over-year, in-line with analysts’ estimates. Adjusted earnings were down 28% year-over-year and came in at $1.42 per share but fell short of Street estimates of $1.52 per share.
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The company’s management stated that it anticipates Hasbro’s Q4 revenues to be flat year-over-year on a constant currency basis “with particular strength from our Wizards and Digital Gaming segment.”
Chris Cocks, Hasbro’s CEO commented, “Hasbro is well positioned for growth in 2023 and beyond as we execute our new strategic plan…We are committed to an industry-leading dividend and a 3-year program to drive $250-300 million per year in cost savings, including $50 million in annualized run-rate for year-end 2022. We have a strong line up of new products in Q4 and into next year, 7 new blockbuster films and 20+ streaming and TV shows. “
Is Hasbro Stock a Buy?
Analysts are cautiously optimistic about HAS with a Moderate Buy consensus rating based on six Buys and three Holds. The average price forecast for HAS stock is $89 implying an upside potential of 31.4% at current levels.