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Marvel Entertainment Posts Higher Quarterly Profit

Marvel Entertainment, which licenses comic book characters such as Spider-Man, reported higher quarterly profit, mainly on contributions from Spider-Man 3 merchandise licensing.

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The company reported second-quarter earnings of $29.1 million, or 34 cents a share, compared with $16.3 million, or 19 cents a share, a year ago. Net sales rose about 20% to $101.5 million.

Analysts on average expected earnings of 39 cents a share, excluding items, on revenue of $109.3 million, according to Reuters Estimates.

For 2007, the company reiterated its outlook of earnings of $1.30 to $1.55 a share on net sales of $375 million to $435 million.

Analysts on average expect earnings of $1.52 a share, excluding exceptional items, on revenue of $444.8 million.

Shares of the New York-based company fell about 8% to $22 in early electronic trade, after closing at $23.95 Monday on the New York Stock Exchange.