Jakks Pacific ( (JAKK) ) has realeased its Q3 earnings. Here is a breakdown of the information Jakks Pacific presented to its investors.
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JAKKS Pacific, Inc., headquartered in Santa Monica, California, is a leading designer, manufacturer, and marketer of toys and consumer products, known for its proprietary brands and entertainment-inspired licensed products. The company operates globally, aiming to make a positive impact on children’s lives through its products and charitable donations.
In its third quarter of 2024, JAKKS Pacific reported a 4% increase in net sales, reaching $321.6 million, alongside a 9% rise in operating income compared to the previous year. The company’s Toys/Consumer Products segment experienced a 7% increase in sales, while the Costumes segment faced a 10% decline.
Key financial highlights include a gross profit of $108.8 million, up 2% from the previous year, and an operating income of $68.1 million, representing 21.2% of net sales. Net income for common stockholders was $52.3 million, or $4.64 per diluted share, reflecting a 9% increase from last year. Additionally, the company reported an adjusted EBITDA of $74.4 million, an improvement from the previous year’s $67.1 million.
Despite challenges in the Costumes segment, the company is optimistic about its performance, highlighting strong consumer reactions to new Fall 2024 products and expressing confidence in achieving its yearly goals. JAKKS Pacific plans to capitalize on retail momentum to deliver a robust 2025.
Looking forward, JAKKS Pacific remains focused on enhancing its product offerings and maintaining strong sales performance amidst evolving market dynamics, with an emphasis on achieving its strategic objectives for the coming year.
