TORONTO — Spin Master Corp. raised its sales guidance for the year after handily beating expectations with third-quarter profits soaring 56 per cent as revenues hit a record high.
The Toronto-based toy company, which reports in U.S. dollars, says it earned US$135.4 million or US$1.29 per diluted share, up from US$86.8 million or 83 cents per share a year earlier.
Adjusted profits were US$132.6 million or US$1.26 per share, compared with US$95.1 million or 91 cents per share in the third quarter of 2020.
Revenues for the three months ended Sept. 30 were US$714.5 million, up 25 per cent from US$571.6 million in the prior year.
Spin Master was expected to report 88 cents per share in adjusted profits on US$609.2 million of revenues, according to financial data firm Refinitiv.
The company expects total revenue to increase slightly above 20 per cent from last year, up from its August forecast for mid-teen growth.
"Our global supply chain team expertly managed the market disruptions to ensure steady inventory flow, which allowed us to grow our market share in the U.S. and build momentum ahead of the holiday season," stated global president and CEO Max Rangel.
He said Spin Master's first feature film, "PAW Patrol: The Movie," helped drive demand for its toys.
This report by The Canadian Press was first published Nov. 3, 2021.
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