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Hasbro delivers strong quarter on TV production rebound, price increases -Breaking

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© Reuters. On a toy sold in Manhattan, New York, U.S.A, November 16, 2021, the Hasbro, Inc. logo can be seen. REUTERS/Andrew Kelly

(Reuters). -Hasbro Inc surpassed analysts’ expectations for quarterly revenue and profit Monday. The toymaker’s TV production business recovered and prices increased to compensate for a drop in supply chain problems.

Premarket trading saw Monopoly’s share price rise 3.3% to $97

Hasbro (NASDAQ)’s entertainment division saw its revenue jump 54% during the fourth quarter that ended Dec. 26. The company released new Showtime episodes “Yellowjackets” as well as an updated “Clifford the Big Red Dog” movie.

However, the year-earlier results suffered from production shut downs caused by pandemic.

Last year’s return to Marvel movies was also a boost for the consumer products division. Revenue grew 9% due to increased demand for toys featuring characters from those films.

Hasbro, like rival Mattel Inc (NASDAQ:) has sought to increase its revenue through TV, movies and games. It aims to be a wider entertainment company than a toymaker.

Refinitiv IBES data shows that the total revenue of the company rose 17%, to $2.01 Billion in its fourth quarter. That beats analysts’ estimate of $1.87Billion.

Adjusted earnings of $1.21 per Share beat estimates of 88 Cents. The price rises last year offset the increase in transport costs.

Hasbro appointed Chris Cocks as the next chief executive officer of its digital gaming business. The company said that it expected fiscal 2022 revenues to increase at a single-digit level. On average, analysts had predicted a 3.9% rise.

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