Hasbro (NASDAQ:HAS) earnings for the second quarter of fiscal year 2020 have HAS stock taking a beating on Monday morning. This comes after reported revenue of $860.28 million missed Wall Street’s estimate of $992.24 million.
Additionally, the company’s adjusted earnings per share (EPS) of 2 cents was well-below analysts’ expectations of 23 cents for the quarter. Moreover, the company reported GAAP EPS of 25 cents during Q2 of 2020.
Here are the other major takeaways from the most recent Hasbro earnings report.
- Adjusted EPS was down 97.4% from 78 cents during Q2 2019;
- Revenue for the quarter comes in 12.6% lower compared to $984.54 million during the same time last year;
- Operating income of $2.18 million is 98.3% worse year-over-year from $128.33 million;
- Hasbro’s earnings report also includes net loss of $32.9 million; and
- That net loss is far below the net income of $13.43 million from the second quarter of 2019.
Brian Goldner, chairman and chief executive officer of Hasbro, said this about HAS stock earnings:
“The second quarter was much as we expected: strong point of sale for Hasbro brands countered by a very challenging revenue period due to global closures in our supply chain, across retailers as well as in entertainment production. We believe the outlook improves from here. Consumers – children, families, fans and audiences – are relying on Hasbro brands and stories to connect and entertain themselves throughout this period. While the full-year COVID-19 impact geographically remains unpredictable, as stores reopen and we begin to return to production for entertainment we expect the environment to improve in the third quarter and set us up to execute a good holiday season.”
Also the company did not release any sort of guidance for FY2020. That said, we know what Wall Street is expecting: analysts are calling for EPS of $3.44 on revenue of $5.64 billion for the period.
HAS stock dropped 7.6% as of Monday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.