Shares of Mattel Inc.
MAT,
fell more than 7% in the extended session Wednesday despite an earnings beat for the toy maker and its wildly successful Barbie movie.
Mattel earned $146 million, or 41 cents a share, in the quarter, compared with $290 million, or 80 cents a share, in the year-ago period.
Adjusted for one-time items, Mattel earned $1.08 a share. Analysts polled by FactSet had expected adjusted earnings of 86 cents a share.
Sales rose 9% to $1.92 billion, the company said. The analysts surveyed by FactSet expected sales of $1.84 billion.
That included an increase of 10% for North America sales, the company said, in part thanks to growth in its dolls segment, which includes Barbie and Disney Princess and Disney Frozen dolls.
“Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel,” Chief Executive Ynon Kreiz said in a statement.
Sales of its American Girl segment, however, dropped 13%, the company said.
The toy maker also updated its guidance for the year, calling for per-share earnings between $1.15 and $1.25, compared with a previous guidance of between $1.10 and $1.20.
Mattel also called for EBITDA between $925 million and $975 million for the year, compared with a prior expectation of between $900 million and $950 million. Sales guidance for the year remained at “comparable” to 2022 sales of $5.435 billion.
Read the full article here