Spin Master reports earnings of US$107M in Q3, lowers growth expectations
The toy maker says sales were down for Air Hogs, Zoomer and Paw Patrol
TORONTO—Spin Master Corp. says it had a net income of US$107.9 million in the third quarter for a slight drop from the same quarter last year.
The company behind toy brands such as Paw Patrol, Air Hogs and Hatchimals says net income per share came to US$1.06, compared with US$108.8 million or US$1.07 per share in the quarter ending Sept. 30 last year.
Spin Master says adjusted net income was US$117.7 million, or US$1.16 per share, slightly above the US$1.15 expected by analysts surveyed by Thomson Reuters Eikon.
Revenue came in at US$620 million in the quarter for a 2.3 per cent increase from the US$606.1 million the company earned in the same quarter last year.
The company says it now expects gross product sales growth compared to last year to come in at the mid-single digit range, down from the outlook in August that expected mid- to high-single digit growth.
Spin Master says sales were down for Air Hogs, Zoomer and Paw Patrol, which was offset by sales from Gund and increases in Cool Maker, Kinetic Sand, and its games portfolio that includes Cardinal.