Jakks Shares Fall as It Misses Forecasts
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Malibu-based toy maker Jakks Pacific Inc. said first-quarter profit more than doubled, but it shares fell 6% because the numbers didn’t meet analysts expectations.
Net income climbed to $5.96 million, or 24 cents a share, from $2.16 million, or 11 cents, a year earlier. The average estimate of analysts surveyed by Thomson First Call was 30 cents. Sales rose 13% to $67.8 million.
Profit was hurt partly by higher costs on such products as water guns from Trend Masters, a China-based company that Jakks Pacific bought in December.
Jakks shares dropped 80 cents to $12.20 on Nasdaq.
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