Toymaker Hasbro Inc. on Tuesday missed Wall Street estimates for quarterly profit and warned of a potential revenue hit of about $100 million this year due to Russia’s invasion of Ukraine.
Hasbro’s shares fell 2 percent to $81.80 in low-volume premarket trading as a jump in freight and raw material costs bit into the company’s earnings.
While demand for toys has surged since the start of the pandemic as children spent more time at home, factory shutdowns, a lack of container ships and long port delays have caused costs to surge and squeezed profit margins at Hasbro.
The company’s first-quarter adjusted operating margin fell to 12.2 percent from 15.6 percent.
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