Mattel quarterly sales jump 10%

Shares of Mattel Inc.
MAT,
+2.17%
fell less than 1% in the extended session Tuesday after the toy maker beat Wall Street expectations for its fourth quarter and said it continued to be “mindful” of COVID-related “volatility and other macro-economic uncertainties.” Mattel said it earned $130.5 million, or 37 cents a share, in the quarter, compared with breakeven results in the year-ago period. Adjusted for one-time items, the company earned 40 cents a share. Sales rose 10% to $1.626 billion, the company said. Analysts polled by FactSet had expected GAAP and adjusted earnings of 23 cents a share on sales of $1.58 billion for the company. “This was a banner quarter for the company with our best performance in years,” Chief Executive Ynon Kreiz said in a statement. “The fourth quarter and full year demonstrated the resilience of the toy industry and the priority that parents place on quality toys, trusted brands and purposeful play.” The toy segment of retail has thrived during the pandemic, with sales rising 16% in 2020 to $25.1 billion, according to NPD Group last month. Shares of Mattel ended the regular trading day up 2.2%.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *