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

TORONTO 鈥� 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.

Canadian Press Nov 1, 2023 3:30 PM Nov 1, 2023 4:05 PM

2023110117118-6542befa3e40786f6a419547jpeg — Spin Master signage is pictured on King St. in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO 鈥� 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.聽

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.聽

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

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.聽

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

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The Canadian Press

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