TORONTO — Spin Master Corp. says it earned US$140.1 million in its third quarter, down 15 per cent from a year earlier.
The toy company known for Paw Patrol and other popular brands says revenue totalled US$885.7 million, up from US$710.2 million during the same quarter last year.
Diluted earnings per share were US$1.32, down from $1.45 during the third quarter of 2023.
President and CEO Max Rangel says though the softer economic environment is still a challenge for Spin Master, the toy segment helped drive growth in the third quarter.
Toy revenue was up almost 35 per cent, while the company saw declines in revenue from entertainment and digital games.
Revenue growth year over year was helped by revenue from Melissa & Doug, a toy brand that Spin Master acquired early in 2024.
This report by The Canadian Press was first published Oct. 30, 2024.
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The Canadian Press