Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Spin Master earnings down as tariffs, supply chain congestion disrupt quarter

Spin Master earnings down as tariffs, supply chain congestion disrupt quarter | iNFOnews.ca
A person is silhouetted at the Spin Master toy and entertainment company in Toronto on Tuesday, January 29, 2019. THE CANADIAN PRESS/Nathan Denette

TORONTO – Spin Master Corp. says earnings dropped in the third quarter as several challenges, including U.S. tariffs on Chinese production, affected results.

The Toronto-based toy manufacturer, which reports in U.S. dollars, says it earned $92.1 million, or 89 cents per share in the quarter ending Sept. 30, compared with $107.9 or $1.06 per share in the same quarter last year.

It says adjusted net income was $93.2 million, or 90 cents per share, compared with $117.7 million or $1.15 per share last year.

Revenue was $548.1 million, down from $620 million for the third quarter last year.

Analysts had expected adjusted income of $129 million, or $1.23 per share, and revenue of $632.2 million, according to financial markets data firm Refinitiv.

The company says efforts to shift production out of China and warehouse consolidation created congestion in its U.S. supply chain to push a significant volume of shipments and orders to the fourth quarter.

This report by The Canadian Press was first published Nov. 5, 2019.

Companies in this story: (TSX:TOY)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

iNFOTEL

Related Articles