Hasbro (HAS) stock surged 5.71% in pre-market trading on Wednesday following the release of its impressive second-quarter earnings report and an improved full-year outlook. The toy and game manufacturer significantly outperformed market expectations, demonstrating resilience in a challenging economic environment.
The company reported adjusted earnings per share of $1.30, substantially beating the analysts' estimate of $0.78. Revenue for the quarter came in at $980.8 million, surpassing the expected $880 million. This strong performance indicates that Hasbro's strategic initiatives and diverse product portfolio are paying off, despite ongoing market uncertainties.
Adding to the positive sentiment, Hasbro raised its full-year guidance. The company now expects total revenue to grow in the mid-single digits in constant currency, with adjusted operating margin projected between 22% and 23%, up from the previous forecast of 21% to 22%. Adjusted EBITDA is now anticipated to be between $1.17 billion and $1.20 billion, an increase from the earlier projection of $1.1 billion to $1.15 billion. Furthermore, Hasbro declared a quarterly cash dividend of $0.70 per share, reinforcing its commitment to shareholder returns. These upbeat projections suggest that the company is confident in its ability to navigate current market challenges and drive growth in the coming quarters.
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