Shares of toys, leisure products and writing instruments maker JAKKS Pacific, Inc. (JAKK) are up more than 30% in the pre-market hours on Tuesday at $6.20, after reporting better-than-expected third-quarter earnings.
JAKKS reported third-quarter net income of $32.1 million, or $4.27 per diluted share, compared with $16.3 million, or $5.08 per diluted share last year.
Adjusted earnings of $4.76 per share beat the average estimate of analysts polled by Thomson Reuters at $3.09 per share.
Net sales for the quarter were $242.3 million down 14% versus $280.1 million last year.
“Looking ahead to next year, we believe sales will be buoyed by a more robust entertainment slate by our licensing partners compared to 2020, and what we hope will be a return to more normal consumer shopping patterns and gift giving, as well as a return to more normal Halloween activities. We believe our continued emphasis on margin improvement and cash preservation will lead to improved results in 2021,” said Stephen Berman, JAKKS Pacific’s Chairman and CEO.
JAKKS stock was up $0.19 or 4.17% in Monday’s regular trading, before closing at $4.75.
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