RTTNews | Nov 2, 2020 04:59PM EST

16:58 Monday, November 2, 2020 (RTTNews.com) - Shares of JAKKS Pacific, Inc. (JAKK) are jumping over 20% on extended trading session Monday after reporting third quarter results.

Net income for the quarter rose to $32.1 million or $4.27 per share from $16.3 million or $5.08 per share last year.

Adjusted earnings were $4.76 per share, down from $5.38 per share last year.

Net sales for the third quarter were $242.3 million, down 14% versus $280.1 million last year. The decline was driven by lower sales of products related to Disney's Frozen and Frozen 2, which were strong contributors to sales in the third quarter 2019, and by sharp declines in sales of Disguise Halloween costumes, demand for which was curtailed by COVID-19.

Analysts polled by Thomson Reuters currently estimate earnings of $3.09 per share on revenues of $230.1 million. Analysts estimates typically exclude one-time items.

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