BROADCAST AND DIGITAL RESTRICTIONS~**
Broadcasters: WALT DISNEY PICTURES/MARVEL STUDIOS - MUST COURTESY WITH NO ARCHIVE, NO RESALESDigital: WALT DISNEY PICTURES/MARVEL STUDIOS - MUST COURTESY WITH NO ARCHIVE, NO RESALES.
A big rebound in film and TV production pumped up Hasbro’s latest results. The toymaker reported Monday a 54% jump in quarterly revenue, and its surging profit crushed analysts’ estimates.
Vaccine rollouts and easing restrictions boosted Hasbro’s TV production business which had been shut down last year amid the health crisis.
The economic reopening helped drive entertainment revenue up by nearly half. Over the last few months, that unit has rolled out dramas and signed up content deals for children’s shows “My Little Pony” and “Peppa Pig.”
Hasbro’s consumer products segment sizzled as well. Toys based on popular movie franchises rose after the comeback of Marvel superheroes featured in films like “Black Widow.” And demand for board and role-playing games such as “Dungeons & Dragons” – which soared during the health crisis – held strong.
Despite the rosy results, the maker of Nerf, Monopoly, and Play-Doh is sticking to its annual revenue target. Its planned price hikes raise doubts over what holiday demand will look like.
Still, Hasbro is expected to top Mattel in sales growth for the first time since the health crisis; Mattel reports its results Tuesday.
Investors bid up Hasbro in early trading Monday, driving shares 10% higher.