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JAKKS Pacific, Inc. JAKK reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate after missing in the preceding three quarters.
The company reported impressive third-quarter results, marking JAKK’s strongest shipping quarter in a decade for its U.S. business. This was largely attributed to its longstanding focus on the FOB selling model. Management emphasized that the yearly plan remains on track to meet its goals.
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JAKK’s Q3 Earnings and Revenues
In the quarter, the company reported adjusted earnings per share of $4.79, beating the Zacks Consensus Estimate of $3.55. In the prior-year quarter, JAKK reported adjusted earnings of $4.75 per share.
JAKKS Pacific, Inc. Price, Consensus and EPS Surprise
JAKKS Pacific, Inc. price-consensus-eps-surprise-chart | JAKKS Pacific, Inc. Quote
Quarterly revenues of $321.6 million beat the consensus mark of $303 million. The top line also increased 4% on a year-over-year basis.
Net sales in the Toys/Consumer Products segment increased 7.4% year over year to $264.3 million. Our estimate was $237.1 million.
Costumes net sales declined 10.1% year over year to $57.3 million. Our projection was $53 million.
Operating Highlights of JAKK
In the reported quarter, the gross margin reached 33.8%, down 70 basis points from the prior-year level. We predicted the metric to be 34.2%.
Adjusted EBITDA amounted to $74.4 million compared with $67.1 million a year ago.
Balance Sheet of JAKK
As of Sept. 30, 2024, the company’s cash and cash equivalents (including restricted cash) were $22.1 million compared with $96.3 million as of Sept. 30, 2023.
JAKK’s Zacks Rank
JAKKS Pacific currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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