Spin Master Corp. says it is withdrawing its outlook for 2025 due to uncertainty created by U.S. tariffs on countries where it produces toys after incurring a loss of US$24.5 million in its first quarter. Spin Master CEO Max Rangel poses for a photo in Toronto, on Wednesday October 11, 2023. THE CANADIAN PRESS/Chris Young
Spin Master seeking to mitigate tariff impacts as it withdraws 2025 outlook
TORONTO - Spin Master Corp. says it is withdrawing its outlook for 2025 due to uncertainty created by U.S. tariffs on countries where it produces toys after incurring a loss of US$24.5 million in its first quarter.
Spin Master Corp. says it is withdrawing its outlook for 2025 due to uncertainty created by U.S. tariffs on countries where it produces toys after incurring a loss of US$24.5 million in its first quarter. Spin Master CEO Max Rangel poses for a photo in Toronto, on Wednesday October 11, 2023. THE CANADIAN PRESS/Chris Young
TORONTO - Spin Master Corp. says it is withdrawing its outlook for 2025 due to uncertainty created by U.S. tariffs on countries where it produces toys after incurring a loss of US$24.5 million in its first quarter.
The result compares with a loss of US$54.8 million a year earlier.
Revenues for the toy and entertainment company totalled US$359.3 million, up from US$316.2 million during the first quarter of 2024.
The company’s loss in diluted earnings per share totalled 24 cents US, compared with a loss of 53 cents US in diluted earnings per share last year.Â
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Spin Master president and CEO Max Rangel says when it comes to U.S. tariffs, the company is “moving quickly and firmly to mitigate the impact to the business from both a sourcing, pricing and cost management perspective.”
Spin Master had previously said it expects revenues to increase four to six per cent in 2025.
This report by The Canadian Press was first published May 1, 2025.
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