Hasbro shares dipped in pre-market trading after the toy and entertainment company reported first-quarter results slightly below Wall Street expectations. Earnings swung to a loss of 51 cents a sha…
, earnings came to 57 cents a share. That was a penny below Wall Street analysts’ consensus expectation, per Refinitiv. Revenue of $1.11 billion undershot the estimate of $1.14 billion.Hasbro, like many firms, withdrew its financial guidance for the duration of 2020, citing the uncertainties related to COVID-19. But the company sought to reassure investors it is in a solid financial position. It ended the first quarter with $1.2 billion in cash and has a $1.
CEO Brian Goldner said retail sales were “strong” during the first quarter and is up in April. As global economies gradually reopen, the company is dealing with an unprecedented logistics challenge. About 55% of its manufacturing is in China, which is where the outbreak began in January.
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