UPDATE: Mattel Posts Higher Q1 Earnings

Mattel

reported a rise in its first-quarter earnings. Mattel's quarterly profit surged to $38.5 million, or $0.11 per share, from $7.8 million, or $0.02 per share, in the year-ago period. Its net sales rose 7.2% to $995.6 million. However, analysts were expecting earnings of $0.09 per share on revenue of $986 million. Its gross margin widened to 54.2% from 51%. Mattel's North American gross sales rose 5%, while international gross sales gained 9%. Mattel shares closed at $42.98 yesterday.