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Spin Master reports higher third-quarter earnings but lowers full-year guidance

Spin Master reports higher third-quarter earnings but lowers full-year guidance | iNFOnews.ca
Spin Master signage is pictured on King St. in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO – Spin Master Corp. says its net income for the third quarter was US$155.4 million, up from US$141.4 million from a year earlier.

The Toronto-based toy and entertainmentcompany says revenue for the quarter ended Sept. 30 was US$710.2 million, up from US$624 million.

Excluding its Paw Patrol movie, which came out at the end of September, the company says revenue was US$694.6 million.

Diluted earnings per share were $1.45, up from $1.33.

Spin Master chief executive Max Rangel says the company expects pressure on the toy industry in the fourth quarter amid macroeconomic pressure on consumer spending.

As a result, the company revised its guidance for sales and revenue lower for the full financial year.

This report by The Canadian Press was first published Nov. 1, 2023.

Companies in this story: (TSX:TOY)

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