Jakks Quarter Beats ExpectationsWednesday, October 23, 2013
Shares of Jakks Pacific Inc. jumped more than 25 percent on Wednesday after the toymaker reported a 20 percent rise in third-quarter profit, helped by lower expenses.
The Malibu company reported net income of $36.6 million ($1.11 a share), compared with $30.4 million ($1.10) in the same period a year earlier. Revenue fell 1 percent to nearly $311 million.
Chief Executive Steve Berman said standouts in the quarter included Jakks’ line of licensed Disney Princess dolls, Halloween costumes, riding toys and kids’ furniture.
Analysts surveyed by Thomson Reuters on average expected net income of $1.05 on revenue of less than $298 million.
Share rose $1.25 to $6.20 on the Nasdaq at Wednesday’s close.