Jakks Pacific reports Q2 EPS 65c vs $1.26 last year

Reports Q2 revenue $148.6M, consensus $134.92M. Adjusted EBITDA was $12.3M, vs. $20.7 Q2 2023 Trailing twelve month adjusted EBITDA was $51.2M down 23% from $66.9M in the trailing twelve months ended June 2023″…The first half of 2024 closes with our delivering solid results anchored by our evergreen business of time-tested toy categories and play patterns,” said Stephen Berman, CEO of JAKKS Pacific, Inc. “A lack of new content releases created unfavorable topline comparisons with prior year, but our base business continued to perform and adapt in an ever-changing marketplace….”We are pleased with our progress to date and our positioning and preparation for the new product we’re shipping in the latter half of the year. Exciting new launches supporting Moana 2, releasing in theatres this November, and Sonic the Hedgehog, releasing in theaters this December will be the cornerstones of the broad retail support we have secured with our top customers globally. We are also in the middle of the exciting initial launch of our new line of products inspired by “The Simpsons,” the launch of our Authentic Brands Group business as well as several other new IP and category extensions.”