Mattel Inc.MATreported its first-quarter financial results after the bell Tuesday. Here’s a look at the details.
The Details: Mattel reported quarterly losses of 5 cents per share which beat the analyst consensus estimate of losses of 12 cents per share.
Quarterly sales came in at $810 million, missing the analyst consensus estimate of $831.8 million by 2.62% and representing a 0.56% decrease in sales year-over-year.
“We are off to a good start to the year with significant gross margin expansion, positive Adjusted EBITDA, and very strong improvement in free cash flow. Trends in consumer demand for our product improved through the quarter and we expect to outpace the industry and gain market share in 2024,” said Ynon Kreiz, CEO of Mattel. “We are executing our strategy to grow our IP-driven toy business and expand our entertainment offering,”
Mattel reported gross billings in its North America segment increased by 1%, driven by growth in Vehicles (primarily Hot Wheels) and Action Figures, Building Sets, Games and Other (primarily Action Figures), partly offset by declines in Infant, Toddler and Preschool (primarily Baby Gear) and Dolls (primarily Disney Princess and Disney Frozen).
Outlook: The company sees full-year adjusted earnings per share of between $1.35 and $1.45, versus the $1.39 estimate.
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MAT Price Action: According to Benzinga Pro, Mattel shares are up 2.93% after-hours at $19.30 at the time of publication Tuesday.
Photo: Wolfgang Eckert from Pixabay
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