Q2 2024 Hasbro Inc Earnings Call Transcript
Key Points
- Hasbro Inc (HAS) reported strength in gaming and digital licensing, particularly with MONOPOLY GO! and MAGIC: THE GATHERING.
- The company raised its full-year guidance due to strong performance in the first half of the year.
- Hasbro Inc (HAS) saw significant operating margin expansion driven by favorable business mix and cost savings.
- The company is making progress in its turnaround efforts in toys, with positive early demand for Beyblade X and other new products.
- Hasbro Inc (HAS) has a strong pipeline of entertainment projects and digital partnerships, positioning it well for future growth.
- Total revenue for Hasbro Inc (HAS) was down 18% year-over-year, impacted by the eOne divestiture and a decline in consumer products.
- The entertainment segment saw a 90% decline due to the sale of the eOne Film and TV business.
- Consumer products revenue declined 20% year-over-year, driven by reduced closeout volume and exited brands.
- The company faces a tougher comparison in the second half for MAGIC: THE GATHERING due to a high bar set by last year's releases.
- Hasbro Inc (HAS) is still in the middle of its turnaround efforts in toys, indicating ongoing challenges in this segment.
Good morning and welcome to the Hasbro second quarter 2024 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. At this time, I'd like to turn the call over to Kern Kapoor, Senior Vice President of Investor Relations. Please go ahead.
Thank you and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's chief financial officer. Today, we will begin with Chris and Gina providing commentary on the company's performance. Then we will take your questions.
Our earnings release and presentation slides for today's call are posted on our investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures.
Our call today will discuss certain adjusted measures, which exclude these non-GAAP Adjustments. A reconciliation of GAAP to non-GAAP measures is included in
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