Nearly Every Mattel Segment Sees A Sales Increase
Shares of Mattel, Inc. (NASDAQ: MAT) are up sharply after hours after delivering better than expected revenue despite slightly missing on EPS estimates.
The toy manufacturer delivered adjusted earnings of $0.70 per share versus consensus estimates of $0.71. Sales came in at $1.795 billion against expectations of $1.77 billion.
"In the third quarter, we continued to make solid progress against our strategic priorities, and we are pleased with our momentum as we head into the holiday season," said Christopher Sinclair, Chairman and CEO.
- Sales of Mattel Girls and Boys Brands were down 5 percent
- Worldwide gross sales for the famed Barbie brand were very strong, up 16 percent
- Worldwide gross sales for Other Girls brands got hammered, down 50 percent.
- Fisher-Price Brands sales were up 6 percent.
- American Girl products were up 14 percent.
"I was expecting them to do a little bit better, but sales in all categories but 'other girls' were strong," BMO analyst Garrick Johnson told Benzinga. "Gross margin was in-line with their guidance (which was a concern for a lot of investors). While not a blowout by any means, it's just enough to keep the turnaround story going!"
Shares traded recently at $32.25, up 5.3 percent after hours.
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