JAKKS Pacific shares fell to their lowest level since October 2013 on Monday after the company late Friday nearly wiped out its earnings expectations due to lower than expected sales of select key product lines.
JAKK was down 31% at $4.90 recently, trading in a new 52-week range between $4.85 and $9.75.
The maker of toys and consumer products said it now expects sales of $700 million, down from previously $755 million and below the $753 million consensus estimate from analysts polled by Capital IQ.
Earnings per share is expected to be between $0.01 and $0.05, sharply down from the previous estimate of $0.56, which was also equal to the analyst view.
“JAKKS is optimistic that its strategic initiatives, including new internally developed content, products based on new licenses, its new skin care and performance make-up brand, and the opening of offices in five new countries will contribute to the future growth of its business and profitability,” the company said.