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Shares of Hasbro Inc. dropped nearly 1% in premarket trading Wednesday, after the toymaker reported first-quarter results that missed expectations and withdrew its full-year outlook, citing uncertainty related to the impact of the COVID-19 pandemic.
The company swung to a net loss of $69.6 million, or 51 cents a share, from net income of $26.7 million, or 21 cents a share, in the year-ago period.
Excluding non-recurring items, such as eOne acquisition-related expenses, adjusted earnings per share came to 57 cents, below the FactSet consensus of 66 cents. Revenue rose to $1.11 billion from $732.5 million but came up shy of the FactSet consensus of $1.15 billion.
Gaming revenue rose 30%, partner brands revenue increased 6% and franchise brands revenue edged up 1%, while emerging brands revenue fell 19% and TV/Film/Entertainment revenue dropped 29%.
Hasbro said it was committed to paying its dividend. The stock has dropped 25.3% over the past three months through Tuesday, while the Dow Jones Industrial Average has lost 16.1%.