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Jakks Pacific cuts 2008 profit outlook on costs

By Associated Press
July 23, 2008 | Comments (0)

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Toy maker Jakks Pacific Inc. on Wednesday lowered its fiscal 2008 earnings guidance, due mainly to rising raw material and other costs.

The company now expects profit of $2.80 per share for the year, down from guidance in April of $2.91 per share. Analysts polled by Thomson Financial, on average, expect profit of $2.91 per share.

The cut is "in recognition of the higher costs we are experiencing in raw materials, transportation, product testing and litigation," said Jack Friedman, chairman and chief executive.

However, the company maintained its yearly sales estimate of at least $891.4 million, while analysts expect $906.1 million.

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