Hasbro Inc. beat quarterly profit estimates on Tuesday, helped by a rebound in its TV and film production business that cushioned some of the impact from toy shipment delays due to global supply chain bottlenecks. The toymaker’s shares rose 5 percent in early trading, despite the company’s warning that its sales could take a hit during the crucial holiday shopping season. Productions such as “My Little Pony” for Netflix and the musical “Come From Away” for Apple TV+ from Hasbro’s entertainment business boosted the unit’s third-quarter revenue by 76 percent from a year ago, when filming was largely shutdown by the pandemic. That helped offset some of the $100-million hit in delayed toy orders Hasbro had to endure in the quarter as factory shutdowns, a lack of container ships, and long port delays pinched supply chains across the world. The maker of “Transformers” toys said the majority of those orders …
TV Production Business Boosts Hasbro as Toy Shipments Take a Hit
October 26, 2021
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