*Q3 EPS $1.70; sales up 12 pct to $357.8 mln
*Reaffirms 2008 forecast
(Recasts; adds details)
Oct 21 (Reuters) - Toymaker Jakks Pacific’s (JAKK.O) posted a higher third-quarter profit, driven by stronger sales of dolls, action figures and electronic toys.
The company also backed its outlook for the year, saying it was “seeing positive momentum for a strong full year for our business.”
The outlook comes a day after top U.S. toymakers Mattel Inc MAT.N and Hasbro Inc HAS.N warned they were facing grim economic times.
Jakks, whose products include Girl Gourmet Cupcake Maker and EyeClops Night Vision Goggles, said net income rose to $54.1 million, or $1.70 a share, compared with $47.3 million, or $1.45 a share, a year earlier.
The third-quarter results included tax benefits of 41 cents a share and pre-tax non-cash charges of 18 cents a share related to the write-down of certain trademarks of the company.
Net sales rose 12 percent to $357.8 million.
Analysts on average had expected earnings of $1.47 a share, before special items, on revenue of $330.3 million, according to Reuters Estimates.
For 2008, Jakks sees earnings of $2.80 a share, before special items, on net sales of $891.4 million.
Analysts on average expect earnings of $2.70 a share, before special items, on revenue of $892.8 million.
Shares of the company closed at $20.52 Monday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; )