Hasbro Inc HAS hosted its first investor day under the leadership of CEO Chris Cocks.
HAS is implementing an Operational Excellence program designed to deliver $250 million – $300 million in run-rate cost savings over the next three years, with $150 million expected in run-rate savings by year-end 2023.
HAS remains on track to return to its 2.0 to 2.5X gross debt to EBITDA target in 2023. It also intends to return excess cash to shareholders through its long-standing dividend and a future share repurchase program.
Outlook: HAS expects a Q3 revenue decline of approximately 15% as reported and approximately 12% at constant currency, with operating profit impacted more significantly due to the mix of revenue being different than last year.
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