Shares ofJakks Pacific Inc.JAKK
jumped more than 7% in pre-market trading after the company reported stronger-than-expected earnings for the fourth quarter. The Malibu, California-based company posted quarterly net income of $2.8 million, or $0.11 per share, versus a year-ago net loss of $16.1 million, or $0.73 per share. Its revenue climbed 84.5% to $254 million. However, analysts were expecting earnings of $0.07 per share on revenue of $198.79 million. Adjusted EBITDA climbed to $10.6 million, from negative EBITDA of $6.0 million. As of December 31, 2014, Jakks Pacific's working capital increased to $246.2 million, versus working capital of $136.3 million, as of December 31, 2013. Stephen Berman, President and CEO, JAKKS Pacific, Inc., said, "We are very satisfied with our strong performance in the fourth quarter. Despite logistical challenges related in part to the port issues, and a difficult retail and consumer landscape that adversely affected many of our competitors, we ended the year with a solid quarter." For the current quarter, the company projects to post a loss of $0.47 to $0.44 per share, on revenue of $101 million to $103 million. Jakks Pacific projects full-year earnings of $0.71 to $0.75 per share, on revenue of $730 million to $740 million. Jakks Pacific shares gained 7.29% to $7.65 in pre-market trading.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.