05:37 PM EDT, 10/30/2024 (MT Newswires) -- Spin Master ( SNMSF ) on Wednesday reported a higher third-quarter adjusted profit as revenue climbed.

The children's toys and media company said its profit, adjusted to exclude most one-time items, rose to $169.7 million, or $1.60 per share, from $143.6 million, or $1.34. in the year-prior quarter.

Revenue rose 25% to $885.7 million including Melissa & Doug revenue of $155 million.

"We are pleased with our revenue growth in third quarter, which was primarily driven by our Toys creative centre, including incremental revenue from Melissa & Doug," said chief executive Max Rangel. "Although the broader economic conditions remain a challenge, we generated toy sales growth across major markets reflecting our continued commitment to creating innovative products, powerful brands and magical play experiences."

Spin Master ( SNMSF ) reaffirmed its 2024 outlook and expects revenue, excluding Melissa & Doug, to be in line with 2023

The company's shares closed $0.45 to $32.61 on the Toronto Stock Exchange.