.Hasbro execs addressed the business fallout impacting its entertainment business after Hollywood has virtually shut down TV production during the pandemic.
Toy giant Hasbro on Wednesday swung to a first-quarter loss due to costs from its acquisition of Entertainment One, where film and TV revenues collapsed as content production shut down amid the coronavirus pandemic.
Hasbro posted a first-quarter loss of $69.6 million, or 51 cents per-share, compared to a year-earlier profit of $26.7 million or 21 cents per-share. The first-quarter loss included $127.5 million in after tax acquisition-related expenses and $19.9 million in after tax purchased intangible amortization associated with the eOne acquisition.
Hasbro missed the Thomson Reuters analyst forecast for 58 cents per share in earnings and revenue of $1.14 billion. Hasbro execs on a morning analyst call addressed the business fallout impacting its entertainment business after Hollywood has virtually shut down TV production during the pandemic."Q2 will be a more challenging quarter than any quarter this year," CEO Brian Goldner warned as the coronavirus clouds production timings and deliveries this year.
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