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

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.

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The Canadian Press