UPDATE: Mattel Q2 Net Profit Drops 24%

Mattel

reported a 24% drop in its second-quarter earnings. Mattel's quarterly profit fell to $73.3 million, or $0.21 per share, from $96.2 million, or $0.28 per share, in the year-ago period. Its sales rose 0.9% to $1.17 billion. However, analysts were expecting earnings of $0.32 per share on revenue of $1.22 billion. Its gross margin came in flat at 51.3%. Mattel lifted its stock buyback program by $500 million. Mattel shares closed at $46.33 yesterday.