Salem Radio Network News Tuesday, September 21, 2021

Business

Toymaker Hasbro revenue beats as TV, film business rebounds

(Reuters) -Toymaker Hasbro Inc beat quarterly revenue estimates on Monday as demand for its “Dungeons & Dragons” tabletop game rose and its film and television production business returned to growth after being largely shut down by the pandemic last year.

Shares of the Rhode Island-based company rose 4% in premarket trading.

Vaccine rollouts and easing restrictions have helped live-action television production get back to business in the second quarter.

Revenue in Hasbro’s Entertainment segment, which includes “Peppa Pig” maker Entertainment One and other movie businesses, jumped 47%.

The Monopoly maker’s net revenue rose 54% to $1.32 billion in the three months ended June 27, beating analysts’ average estimate of $1.16 billion, according to a Refinitiv IBES estimate.

Hasbro reported adjusted net earnings of $145.4 million, or $1.05 per share in the second quarter, compared to $2.7 million, or 2 cents per share, a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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