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Toronto-based Spin Master Corp. soared as it 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 toy company says it earned US$135.4-million or US$1.29 per diluted share, up from US$86.8-million or 83 US 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 US 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 US 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.
