11:03 AM EDT, 04/24/2024 (MT Newswires) -- Hasbro ( HAS ) reported stronger-than-expected first-quarter results on Wednesday while the toy and game company affirmed the full-year guidance.

Adjusted earnings jumped to $0.61 per share from $0.01 the year before, well above the Capital IQ-polled consensus of $0.28. Sales declined 24% to $757.3 million, but topped the Street's view for $740.9 million. Excluding the eOne film and television divestiture in December, revenue fell 9% year over year.

Hasbro's ( HAS ) stock surged 12% in recent Wednesday trade.

"We made solid progress in our turnaround efforts in the first quarter," Chief Financial Officer Gina Goetter said in a statement. "We landed revenue where we expected and drove significant operating profit improvement led by our operational excellence program and improved business mix."

Consumer products revenue fell 21% to $413 million, driven by "broader industry trends, exited businesses and reduced closeout sales as a result of last year's inventory clean-up," the company said.

Revenue from the Wizards of the Coast and digital gaming segment rose 7% to $316.3 million. Entertainment sales plunged 85% to $28 million due to the eOne divestiture.

Hasbro ( HAS ) continues to expect consumer product revenue to be down 7% to 12% for 2024, with sales from the Wizards of the Coast division set to decrease by 3% to 5%.

Hasbro's ( HAS ) adjusted earnings before interest, taxes, depreciation and amortization is pegged at $925 million to $1 billion for 2024. Adjusted EBITDA dropped 40% to $709.4 million last year.

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