Hasbro, Inc. Q1 FY2024 results: revenue $757 million, down 24.3% on the year

Hasbro, Inc. (HAS) reported revenue of $757 million for Q1 FY2024, the quarter ended 31 March 2024, down 24.3% on the same quarter a year earlier. Net income was $58 million, and diluted earnings per share $0.42. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$757 milliondown 24.3%

Net income$58 million

Diluted EPS$0.42

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	757	1,289	n/a	n/a
Cost of revenue	204	574	n/a	n/a
Gross profit	553	715	n/a	n/a
Gross margin	73.0%	55.5%	n/a
Research and development	65.5	74.5	n/a	n/a
Selling, general and administrative	235	430	n/a	n/a
Operating income	116	-1,199	n/a	n/a
Operating margin	15.3%	-93.0%	n/a
Interest expense	38.5	46.3	n/a	n/a
Pre-tax income	81.0	-1,245	n/a	n/a
Income tax	21.9	-184	n/a	n/a
Effective tax rate	27.0%	n/a	n/a
Net income	58.2	-1,061	n/a	n/a
Net margin	7.7%	-82.3%	n/a
Diluted EPS	$0.42	-$7.65	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	178	391	n/a	n/a
Capital expenditure	45.8	48.9	n/a	n/a
Free cash flow	132	342	n/a	n/a
Free cash flow margin	17.4%	26.5%	n/a
Depreciation and amortisation	38.3	57.6	n/a	n/a
Share-based compensation	-5.0	16.5	n/a	n/a
Dividends paid	97.2	97.1	n/a	n/a
Dividend per share	$0.70	n/a	n/a	n/a
Diluted shares, weighted	139m	139m	n/a	n/a
Shares outstanding at period end	139m	139m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	6,203	6,541	n/a	n/a
Cash and equivalents	570	545	n/a	n/a
Receivables	632	1,029	n/a	n/a
Inventory	336	332	n/a	n/a
Goodwill	2,279	2,279	n/a	n/a
Long-term debt	2,967	2,966	n/a	n/a
Borrowings, as the company tags them	3,485	3,485	n/a	n/a
Operating lease liabilities	n/a	121	n/a	n/a
Shareholders' equity	1,030	1,087	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,503	1,289	757	995	1,281	1,712	1,006	1,134	1,590	1,636	1,113	1,290
Cost of revenue	494	574	204	238	379	359	204	225	414	452	236	272
Gross profit	1,009	715	553	758	902	1,353	802	909	1,176	1,184	877	1,018
Gross margin	67%	55%	73%	76%	70%	79%	80%	80%	74%	72%	79%	79%
R&D	76.7	74.5	65.5	70.4	76.3	81.9	80.5	77.5	97.6	130	78.0	93.6
SG&A	352	430	235	318	299	361	270	283	287	334	259	339
Operating income	-170	-1,199	116	212	302	59.8	171	-798	341	298	270	252
Operating margin	-11%	-93%	15%	21%	24%	3%	17%	-70%	21%	18%	24%	20%
Interest expense	47.1	46.3	38.5	43.0	46.2	43.5	41.6	40.6	40.8	40.4	41.8	46.5
Pre-tax income	-215	-1,245	81.0	183	290	-57.2	137	-815	305	271	244	209
Tax rate	n/a	n/a	27%	24%	23%	n/a	27%	n/a	23%	25%	18%	23%
Net income	-171	-1,061	58.2	138	223	-34.3	98.6	-856	233	202	198	161
Net margin	-11%	-82%	8%	14%	17%	-2%	10%	-75%	15%	12%	18%	12%
Diluted EPS	-$1.23	-$7.65	$0.42	$0.99	$1.59	-$0.25	$0.70	-$6.10	$1.64	$1.46	$1.39	$1.12
Operating cash flow	216	391	178	187	222	260	138	71.3	281	403	338	267
Capital expenditure	48.3	48.9	45.8	51.9	48.5	n/a	13.8	16.1	19.7	13.7	22.2	19.0
Free cash flow	167	342	132	135	174	n/a	124	55.2	261	390	316	248
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	7.7	33.8
Dividends paid	97.1	97.1	97.2	97.4	97.6	97.7	97.9	98.1	98.2	98.3	98.5	99.1
Shares outstanding	139m	139m	139m	139m	140m	140m	140m	140m	140m	141m	141m	141m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0000046080-24-000085: the filing on EDGAR. All of Hasbro, Inc.'s filings: EDGAR company page.

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