FOX Business’ Lauren Simonetti reports on toy giant Hasbro’s purchase of Canadian company eOne for $3.8 billion.
Hasbro Inc.’s lost $33.9 million during the three months through June as temporary store closures and product shortages due to COVID-19 hampered the company’s ability to meet strong consumer demand.
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The Pawtucket, Rhode Island-based toy manufacturer earned an adjusted $2.7 million, or 2 cents per share, exlcuding costs related to its Entertainment One transaction, but that was shy of the 23 cents that Wall Street analysts surveyed by Refintiiv were expecting. Revenue fell 29 percent from a year ago to $860.3 million, missing the $992.2 million that was anticipated.
“The second quarter was much as we expected: strong point of sale for Hasbro brands countered by a very challenging revenue period due to global closures in our supply chain, across retailers as well as in entertainment production,” Hasbro CEO Brian Goldner said in a statement. “We believe the outlook improves from here.”
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