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SANTA MONICA, Calif. - JAKKS Pacific , Inc. (NASDAQ:JAKK) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 11.9% in after-hours trading.
The toy and consumer products company posted adjusted earnings per share of -$0.67, missing the analyst consensus of -$0.66 by $0.01. Revenue for the quarter came in at $130.7 million, below the $133.28 million analysts had forecast.
Despite the miss, JAKKS Pacific saw a 3% YoY increase in net sales to $130.7 million for Q4 2024. The company’s Toys/Consumer Products segment declined 1% to $118.2 million, while Costumes net sales jumped 46% to $12.5 million.
Gross margin improved 70 basis points to 27.2% compared to Q4 2023. The company narrowed its operating loss to $14.7 million from $15.3 million in the prior year quarter.
"Our fourth quarter results were roughly in line with our expectations," said Stephen Berman, CEO of JAKKS Pacific. "We were pleased to see our FOB business reach a global level of over 75% of our worldwide sales in 2024, a level we haven’t achieved in many years."
For the full year 2024, JAKKS Pacific reported net sales of $691.0 million, down 3% from $711.6 million in 2023. Adjusted net income attributable to common stockholders fell to $42.6 million or $3.79 per diluted share, compared to $48.9 million or $4.62 per diluted share in the previous year.
The company announced it will initiate a quarterly cash dividend of $0.25 per share, payable on March 31, 2025 to shareholders of record as of March 3, 2025.
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