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Hasbro Now Targets Mid-single Digit Adj. Operating Profit Growth In FY22

While reporting first-quarter results on Tuesday, Hasbro, Inc. (HAS) said, the company has a plan for continued growth in 2022, including low-single digit revenue growth despite the strengthening of the U.S. dollar and potential risk of approximately $100 million in Russia. The company now targets mid-single digit growth in operating profit to achieve adjusted operating profit margin of 16%, which is above prior guidance; and operating cash flow in the range of $700 to $800 million.

Also, Hasbro plans to resume repurchases in the current quarter, with a target of repurchasing $75-$150 million of common stock in the open market in the year.

First quarter adjusted earnings per share was $0.57 compared to $1.00, last year. Adjusted operating profit was $141.8 million, a decline of 19%. Analysts on average had expected the company to earn $0.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's earnings came in at $61.2 million, or $0.44 per share compared with $116.2 million, or $0.84 per share, a year ago.

First quarter net revenues increased 4% to $1.16 billion. Analysts on average had estimated $1.15 billion in revenue.

Shares of Hasbro were down 2% in pre-market trade on Tuesday.

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