Hasbro misses profit estimates as lockdowns fuel production delays

FILE PHOTO: A Monopoly board game by Hasbro Gaming is seen in this illustration photo August 13, 2017. REUTERS/Thomas White/Illustration

(Reuters) – Hasbro Inc (HAS.O) missed analysts’ estimates for quarterly earnings and revenue on Monday, hit by production shutdowns due to coronavirus lockdowns and delays in the release of Hollywood movies linked to its action figures.

The toymaker said factory closures in the United States, Ireland and India created product shortages at retail stores that were just beginning to reopen.

Production is expected to catch up by the latter part of the third quarter, assuming no major future coronavirus lockdowns, Hasbro said.

The company swung to net attributable loss of $33.9 million in the second quarter ended June 28, compared to a profit of $13.4 million a year earlier, due to costs related to its acquisition of Peppa Pig maker Entertainment One.

Excluding items, the Pawtucket, Rhode Island-based company earned 2 cents per share, missing the average analyst estimate of 23 cents, according to IBES data from Refinitiv.

Net revenue fell 12.6% to $860.3 million, missing analysts’ estimate of $992.2 million.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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