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Pawtucket-based Hasbro to report earnings


Hasbro Inc. headquarters in Pawtucket, Rhode Island. (WJAR File Photo)
Hasbro Inc. headquarters in Pawtucket, Rhode Island. (WJAR File Photo)
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Hasbro held its fourth quarter and full year 2022 earnings call Thursday morning.

The Pawtucket-based company reported a fourth-quarter loss of $128.9 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the company said it had a loss of 93 cents. Earnings, adjusted for non-recurring costs and amortization costs, came to $1.31 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.

The toy maker posted revenue of $1.68 billion in the period.

For the year, the company reported profit of $203.5 million, or $1.46 per share. Revenue was reported as $5.86 billion.

Hasbro expects full-year earnings in the range of $4.45 to $4.55 per share.

The company started laying off 1,000 employees on Feb. 7. The company would not confirm how many were let go from offices in Rhode Island.

Among those laid off was Hasbro President and Chief Operating Officer Eric Nyman, who's been with the company for 18 years.

Current Chief Executive Officer Chris Cocks told NBC 10 News that it doesn't take the layoffs lightly. He said he believes the changes are necessary to make Hasbro more competitive.

Hasbro's stock price closed at $58.38 Wednesday, down nearly 40% from this time last year and over 10% in the past month.

The Associated Press contributed to this report.


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