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Author

Mohamed Mohamoud

Author and the owner of idman news

November 28, 2021

Idman news

Wararka Jaraaidyada Soomaalida ay qoreen

Mattel stock rallies as toy maker sees ‘strong’ holiday season ahead


Mattel Inc. stock jumped more than 6% late Thursday after the toy maker reported quarterly sales and profit that topped Wall Street expectations and raised its sales guidance for the year, counting on a “strong holiday season” ahead.

Mattel
MAT,
+2.26%

earned $813 million, or $2.29 a share, in the third quarter, compared with earnings of $311 million, or 89 cents a share, in the year-ago period. Adjusted for one-time items, the toy maker earned 84 cents a share.

Sales rose 8% to $1.76 billion, from $1.64 billion a year ago, and included a 12% increase in North America, driven by rising sales of action figures, games, dolls, toy vehicles and other toys, the company said.

Related: The next Barbie movie will be directed by Oscar nominee Greta Gerwig

Analysts polled by FactSet expected adjusted earnings of 72 cents a share on sales of $1.69 billion.

“This was another strong quarter for Mattel, with increased consumer demand for our products and results exceeding expectations,” Chief Executive Ynon Kreiz said in a statement. Mattel “successfully navigated ongoing global supply-chain disruption,” grew its sales and continued to gain market share, Kreiz said.

“We expect to grow for the balance of the year and have a strong holiday season,” the executive said.

Mattel guided for full-year net sales up 15% this year, compared with a previous guidance of sales growth between 12% and 14%. Mattel’s 2020 sales reached $4.6 billion.

Shares of Mattel have gained about 17% so far this year, compared with gains of around 21% for the S&P 500 index
SPX,
+0.30%
.



Market

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