Hasbro (HAS) Q4 Earnings & Revenues Beat Estimates, Stock Up

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Hasbro, Inc. HAS reported impressive fourth-quarter fiscal 2021 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The bottom line outpaced the consensus mark for the sixth straight quarter, while the top line beat the same for the third consecutive quarter. Following the results, the company’s shares are up 2.2% in the pre-market trading session.

The company reported adjusted earnings of $1.21 per share, beating the Zacks Consensus Estimate of 89 cents. In the prior-year quarter, the company had reported adjusted earnings of $1.27 per share.

In the quarter under review, net revenues of $2,013.4 million beat the consensus mark of $1,867 million. The top line rose 17% on a year-over-year basis.

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– Zacks

Rich Stoddart, interim chief executive officer, Hasbro stated, “The Hasbro team finished the year strong and delivered an exceptional full-year 2021, including another record revenue year for Wizards of the Coast; strong revenue growth for consumer products; and a robust, progressively more Hasbro brand-led, content slate to return to 2019 levels of deliveries for entertainment.”

Brand Performances

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During the fiscal fourth quarter, the Franchise Brand reported revenues of $769.3 million, up 9% year over year. During the quarter, Partner Brands’ revenues increased 13% year over year to $394.3 million.

Revenues at Hasbro Gaming amounted to $286.1 million, declining 4% from the prior-year quarter’s levels. However, the figures increased 11% from the pre-pandemic levels of 2019. Its total gaming category revenues declined 1% year over year to $555.7 million.

Emerging Brands’ revenues during the fiscal fourth quarter increased 41% year over year to $218.4 million.

Revenues from TV/Film/Entertainment surged 61% year over year to $345.3 million. The segment’s revenues benefited from increased deliveries in scripted, unscripted as well as animated television and film.

Segmental Revenues

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Hasbro has three reportable operating segments: Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment.

In the fiscal fourth quarter, net revenues from the Consumer Products segments increased 9% year over year to $1,355.8 million. Adjusted operating margin came in at 10.4% compared with 11% reported in the prior-year quarter.

During the quarter under review, the Wizards of the Coast and Digital Gaming segment’s revenues totaled $277.9 million, up 18% from $236 million reported in the year-ago quarter. The segment benefited from robust performance of MAGIC: THE GATHERING and DUNGEONS & DRAGONS as well as licensed digital gaming. The segment’s adjusted operating margin came in at 30.5% compared with 46.1% reported in the year-ago quarter.

Revenues in the Entertainment segment increased 54% year over year to $379.7 million. The segment’s adjusted operating margin came in at 2.2% compared with 10.2% reported in the prior-year quarter.

Operating Highlights

During the fiscal fourth quarter, Hasbro’s cost of sales (as a percentage of net revenues) came in at 33.9% compared with 34.4% in the prior-year quarter. Selling, distribution and administration expenses — as a percentage of net revenues — were 21.3%, in line with the prior-year quarter’s levels.

Balance Sheet

Cash and cash equivalents as of Dec 26, 2021, were $1,019.2 million compared with $1,449.7 million on Dec 27, 2020. At the end of the reported quarter, inventories totaled $552.1 million compared with $395.6 million in the year-ago period. As of Dec 26, 2021, long-term debt came in at $3,824.2 million compared with $4,660 million as of Dec 27, 2020.

Meanwhile, the company announced a hike in its quarterly dividend payout. The company raised its quarterly dividend by 3%, which indicates its intention to utilize free cash for boosting shareholders’ returns. The company raised the quarterly dividend to 70 cents per share (or $2.80 annually) from the previous payout of 68 cents (or $2.72 annually). The hiked dividend will be paid out on May 16, 2022, to shareholders on record as of May 2, 2022. 

During fourth-quarter fiscal 2021, the company paid out cash dividends worth $93.8 million.

2021 Highlights

Net revenues in 2021 came in at $6,420.4 million compared with $5,465.4 million in 2020.

Adjusted operating profit in 2021 came in at $995.2 million compared with $826.7 million in 2020.

In 2021, adjusted diluted EPS came in at $5.23 per share compared with $3.74 reported in the previous year.

Outlook

For fiscal 2022, the company anticipates revenue and operating profit growth at a low-single-digit rate. Operating cash flow is anticipated in the range of $700 to $800 million.

For fiscal 2023, the company anticipates operating profit margin to be more than 16%. Operating cash flow is anticipated at approximately $1 billion.

For fiscal 2024, the company expects revenue growth in the mid-single digits on a compound-annual basis. Consumer Products are estimated to grow in mid-single digit. Wizards of the Coast and Digital Gaming segment as well as Entertainment Segment is expected to rise in the range of high single to low double-digits.

Zacks Rank & Other Key Picks

Hasbro currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some other top-ranked stocks from the Zacks Consumer Discretionary sector are Crocs, Inc. CROX, RCI Hospitality Holdings, Inc. RICK and JAKKS Pacific, Inc. JAKK.

Crocs flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 41.6%, on average. Shares of Crocs have increased 28.2% in the past year.

The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 48.7% and 23.2%, respectively, from the year-ago period’s levels.

RCI Hospitality flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 67.7%, on average. Shares of RCI Hospitality have surged 53% in the past year.

The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 33.7% and 18.9%, respectively, from the year-ago period’s levels.

JAKKS Pacific flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 48.9%, on average. Shares of JAKKS Pacific have increased 11.9% in the past year.

The Zacks Consensus Estimate for JAKK’s 2022 sales and EPS suggests growth of 4.9% and 227.8%, respectively, from the year-ago period’s levels.


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Hasbro, Inc. (HAS): Free Stock Analysis Report

 

JAKKS Pacific, Inc. (JAKK): Free Stock Analysis Report

 

Crocs, Inc. (CROX): Free Stock Analysis Report

 

RCI Hospitality Holdings, Inc. (RICK): Free Stock Analysis Report

 

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