Malibu toy maker Jakks Pacific Inc. is back in the black, reporting its first profitable year since 2011.
In its full-year and fourth-quarter earnings announcement Wednesday, the company reported 2014 net income of $21.5 million (70 cents a share), compared to a net less of $54 million (-$2.43 a share) for 2013. Revenue for the year hit $810 million, a 28 percent increase over the prior year.
The results topped the expectations of Wall Street analysts, who had predicted earnings of 64 cents a share on revenue of $756 million. But despite the better-than-expected performance, Jakks shares took a beating Wednesday, falling 10 percent on the day to $6.42 a share.
The price drop could be related to the company’s forecast that it expects to take a loss in the first quarter and to see lower sales this year.
For the current year, Chief Executive Stephen Berman gave guidance on sales of $730 million to $740 million and earnings of 71 cents a share to 75 cents a share.
