Hasbro (NASDAQ: HAS), a global play and entertainment company, reported financial results for its fourth-quarter and full-year 2021. The company’s shares rose 3.3% to USD97 during premarket trading.
The multinational conglomerate reported USD1.21 per share, compared to the expected USD0.88 a share. Revenue rose 17% to USD2.01 Billion, higher than analysts anticipated USD1.87 Billion. However, 2021 results were affected by production shutdowns as a result of the ongoing pandemic.
“The Hasbro team finished the year strong and delivered an exceptional full-year 2021, including another record revenue year for Wizards of the Coast; strong revenue growth for consumer products; and a robust, progressively more Hasbro brand-led, content slate to return to 2019 levels of deliveries for entertainment,” said Rich Stoddart, Hasbro interim chief executive officer.
The return of Marvel superhero movies in 2021 boosted the company’s consumer products unit, and revenue rose 9% on demand for the toys based on those characters. Hasbro now seeks to produce more revenue from TV shows, movies, and video games as it aims to become a larger entertainment company instead of simply a toymaker.
“Long-term investments in our brands and capabilities have built a differentiated business with diversified capabilities to drive long-term profitable growth and enhance shareholder value,” said Deborah Thomas, Hasbro chief financial officer.
The company expects fiscal 2022 revenue to rise at a low single-digit rate, while analysts had predicted a 3.9% increase.