American Greetings Profit Rises 35%
American Greetings Corp. said third-quarter profit rose 35% as a boost from the sale of its reading glasses division offset low sales of cards and gift wrap. The company also reduced its earnings forecast for the year.
The Cleveland-based company said it earned $62.8 million, or 78 cents a share, in the quarter. That’s up from $46.4 million, or 60 cents a share, in the third quarter a year earlier. Income was helped by the July sale of its Magnivision reading glasses subsidiary to an affiliate of sunglasses maker AAi Foster Grant.
The company also said it expected earnings of $1.02 to $1.07 for the year, down from its previous forecast of $1.46 to $1.51. It blamed plant closings and layoffs.
American Greetings shares fell $3.66 to $24.25 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
