Shares of Mattel, Inc. MAT fell to a 52-week low Monday morning after its chairman and CEO, Bryan Stockton, resigned amid disappointing Q4 preliminary results.
The company reported net income of $149.9 million, down sharply from $369.2 million in net income for Q4 2013. Sales were $1.99 billion, roughly 6 percent below Wall Street estimates. Gross margins declined to 50.4 percent of net sales.
The company noted that Christopher Sinclair assumed the role of chairman and interim CEO, effective immediately.
Mattel’s results were dragging down competitor Hasbro, Inc. HAS. The shares of the two toymakers were substantially lower, but are paring losses in early trading.
Mattel traded recently at $27.69, down 1.25 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.