Spin Master beats expectations even though Q2 profit falls to US102 million

TORONTO — Spin Master Corp. beat expectations even though the Canadian toy maker says its net profit plummeted to US$10.2 million in the second-quarter.The Toronto-based company, which reports in U.S. dollars, says it earned 10 cents per share for the period ended June 30, compared with 26 cents per share or $26.9 million a year earlier.Excluding one-time items such as income tax expenses, adjusted profits rose to $19.8 million or 19 cents per share, from $17.7 million or 17 cents per share in the second quarter of 2018.Sales increased three per cent to $321 million from $311.5 million.Spin Master was expected to earn 13 cents per share in adjusted profits on $311.5 million in revenues, according to financial markets data firm Refinitiv.The quarter demonstrated the company’s strength and depth of product innovation, says chairman and co-CEO Ronnen Harary.“We remain confident in our proven track record of innovation and in our global platform. We continue to demonstrate our ability to produce compelling entertainment content, magical toy experiences and to be a great partner for licensors.” Companies in this story: (TSX:TOY)The Canadian Press

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