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04.10.2022 18:20:58

Hasbro stock dives after downbeat quarterly revenue outlook, lowered full-year view

Shares of Hasbro Inc. took a midday dive into the red, then bounced back into the green, after the toy maker provided a downbeat third-quarter revenue outlook and cut its full-year outlook. After being up as much as 6.2% in morning trading, the stock dropped as much as 3.3% after the outlook update, before bouncing back to gain 0.5% in recent trading. The company said at its Investor Da that it expects third-quarter revenue to be down about 15% from a year ago, while the current FactSet revenue consensus of $1.89 billion implied a 3.9% decline. The company also said it now expects 2022 revenue to be "flat to slightly down" in constant currency, compared with guidance provided in July of revenue growth in the "low-single digit" percentage range. Separately, Hasbro said it targets a compounded annual growth rate (CAGR) in the mid-single digit percentage range to achieve revenue of at least $8.5 billion through 2027; the company had 2021 revenue of $6.42 billion. The long-term outlook comes as Hasbro announced Blueprint 2.0, a new "strategic approach" to managing its business to "monetize intellectual property, drive investments, deliver profitable growth and create shareholder value." The stock has lost 14.8% over the past three months, while the S&P 500 has lost 1.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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