By Dhirendra Tripathi
Investing.com – Hasbro (NASDAQ:HAS) stock rose 3% in Monday’s premarket trading after the company posted a 54% jump in second-quarter revenue to $1.32 billion.
Hasbro Chairman and Chief Executive Officer Brian Goldner said the company remains on track for double-digit revenue growth for the full year.
The company repaid $250 million in debt and reported the lowest days sales outstanding in its recent history.
Demand for Hasbro’s toys was strong. Wizards of the Coast and gaming segment revenue more than doubled in the second quarter and surpassed 2019 numbers. This was led by Dungeons & Dragons, Duel Masters, as well as the launch of Foosketball.
Revenue from the entertainment and consumer products segments grew 47% and 33%, respectively.
Entertainment segment revenue increased with growth in TV and film, Family Brands and Music, backed by an increase in content.
Revenue from both scripted and unscripted programs grew. Family Brands benefited from content deals for several properties including My Little Pony, Peppa Pig and PJ Masks, as well as growth in YouTube advertising revenues.
In consumer products segment, revenue grew in all regions and licensing.
Adjusted earnings per diluted share came at $1.05 versus 2 cents in the same quarter last year.