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JAKKS Pacific (JAKK) Q1 Earnings Lag Estimates, Stock Down
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JAKKS Pacific, Inc. (JAKK - Free Report) reported first-quarter 2024 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate for the second straight quarter.
Following the announcement, shares of the company declined 10.2% during the after-hours trading session on Apr 24.
Q1 Earnings and Revenues
During the quarter, the company reported adjusted loss per share of $1.34, wider than the Zacks Consensus Estimate of a loss of 43 cents. In the prior-year quarter, JAKK reported adjusted loss of 62 cents.
Quarterly revenues of $90.1 million missed the consensus mark of $104 million. Moreover, the top line declined 16% on a year-over-year basis.
Net sales in the Toys/Consumer Products segment decreased 15.3% year over year to $82.9 million. Our estimate was $95.3 million.
Costumes net sales declined 25.3% year over year to $7.2 million. Our projection was $8.8 million.
JAKKS Pacific, Inc. Price, Consensus and EPS Surprise
In the reported quarter, gross margin reached 23.4%, down 580 basis points from the prior-year levels. We predicted the metric to be 27.4%.
Adjusted EBITDA amounted to ($17.2) million compared with ($1.1) million a year ago.
Balance Sheet
As of Mar 31, 2024, the company’s cash and cash equivalents (including restricted cash) were $35.5 million compared with $38.3 million as of Mar 31, 2023. As of Mar 31, 2024, total debt was zero compared with $29.4 million as of Dec 31, 2023.
Zacks Rank
JAKKS Pacific carries a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for TCOM’s 2024 sales and EPS indicates a rise of 18.2% and 1.8%, respectively, from the year-ago levels.
Manchester United plc (MANU - Free Report) sports a Zacks Rank #1. Shares of MANU have declined 23.2% in the past year.
The Zacks Consensus Estimate for MANU’s fiscal 2024 sales indicates a rise of 5.8% from the year-ago levels.
Strategic Education, Inc. (STRA - Free Report) sports a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 17.2%, on average. Shares of STRA have rallied 44.1% in the past year.
The Zacks Consensus Estimate for STRA’s 2024 sales and EPS indicates a rise of 5% and 23.7%, respectively, from the year-ago levels.
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JAKKS Pacific (JAKK) Q1 Earnings Lag Estimates, Stock Down
JAKKS Pacific, Inc. (JAKK - Free Report) reported first-quarter 2024 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate for the second straight quarter.
Following the announcement, shares of the company declined 10.2% during the after-hours trading session on Apr 24.
Q1 Earnings and Revenues
During the quarter, the company reported adjusted loss per share of $1.34, wider than the Zacks Consensus Estimate of a loss of 43 cents. In the prior-year quarter, JAKK reported adjusted loss of 62 cents.
Quarterly revenues of $90.1 million missed the consensus mark of $104 million. Moreover, the top line declined 16% on a year-over-year basis.
Net sales in the Toys/Consumer Products segment decreased 15.3% year over year to $82.9 million. Our estimate was $95.3 million.
Costumes net sales declined 25.3% year over year to $7.2 million. Our projection was $8.8 million.
JAKKS Pacific, Inc. Price, Consensus and EPS Surprise
JAKKS Pacific, Inc. price-consensus-eps-surprise-chart | JAKKS Pacific, Inc. Quote
Operating Highlights
In the reported quarter, gross margin reached 23.4%, down 580 basis points from the prior-year levels. We predicted the metric to be 27.4%.
Adjusted EBITDA amounted to ($17.2) million compared with ($1.1) million a year ago.
Balance Sheet
As of Mar 31, 2024, the company’s cash and cash equivalents (including restricted cash) were $35.5 million compared with $38.3 million as of Mar 31, 2023. As of Mar 31, 2024, total debt was zero compared with $29.4 million as of Dec 31, 2023.
Zacks Rank
JAKKS Pacific carries a Zacks Rank #1 (Strong Buy).
Other Key Picks
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Trip.com Group Limited (TCOM - Free Report) sports a Zacks Rank #1. TCOM has a trailing four-quarter earnings surprise of 53.1%, on average. Shares of TCOM have gained 34.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for TCOM’s 2024 sales and EPS indicates a rise of 18.2% and 1.8%, respectively, from the year-ago levels.
Manchester United plc (MANU - Free Report) sports a Zacks Rank #1. Shares of MANU have declined 23.2% in the past year.
The Zacks Consensus Estimate for MANU’s fiscal 2024 sales indicates a rise of 5.8% from the year-ago levels.
Strategic Education, Inc. (STRA - Free Report) sports a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 17.2%, on average. Shares of STRA have rallied 44.1% in the past year.
The Zacks Consensus Estimate for STRA’s 2024 sales and EPS indicates a rise of 5% and 23.7%, respectively, from the year-ago levels.