logo
  

JAKKS Pacific Q3 Profit Rises, Stock Up 20%

Shares of JAKKS Pacific, Inc. (JAKK) are jumping over 20% on extended trading session Monday after reporting third quarter results.

Net income for the quarter rose to $32.1 million or $4.27 per share from $16.3 million or $5.08 per share last year.

Adjusted earnings were $4.76 per share, down from $5.38 per share last year.

Net sales for the third quarter were $242.3 million, down 14% versus $280.1 million last year. The decline was driven by lower sales of products related to Disney's Frozen and Frozen 2, which were strong contributors to sales in the third quarter 2019, and by sharp declines in sales of Disguise Halloween costumes, demand for which was curtailed by COVID-19.

Analysts polled by Thomson Reuters currently estimate earnings of $3.09 per share on revenues of $230.1 million. Analysts estimates typically exclude one-time items.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Restaurant Association or NRA has urged the U.S. Congress to refill the Restaurant Revitalization Fund or RRF, which is expected to save more than 1.6 million jobs in the restaurant industry hit hard by the surge in Omicron Variant. In a letter to Congress, the association highlighted, based on its survey on 4,200 restaurant operators, the devastating impact so far on the industry... Industrial conglomerate General Electric Co. reported Tuesday a net loss for the fourth quarter compared to a profit last year, hurt by steep debt extinguishment costs and lower revenues. However, adjusted earnings per share topped analysts' expectations, while quarterly revenues missed them. Shares of LM Ericsson were gaining more than 7 percent in Swedish trading as well as in pre-market activity on Nasdaq, after the telecom equipment maker reported Tuesday higher profit and sales in its fourth quarter with strong demand. Further, the company lifted its full-year dividend, and maintained targets for fiscal 2022 EBIT growth as well as long-term target of EBITA margin.
Follow RTT