Mattel Quarterly Revenue Misses Estimates as Barbie Sales Drop
Mattel Inc. (MAT), the world’s largest toymaker, posted fourth-quarter revenue that trailed analysts’ estimates as sales of its Barbie brand fell.
Sales declined 6.3 percent to $2.11 billion, the El Segundo, California-based company said today in a statement. That trailed analysts’ average estimate of $2.37 billion. Net income increased 20 percent to $369.2 million, or $1.07 a share, from $306.5 million, or 87 cents, a year earlier.
Global revenue from Barbie fell 13 percent in the quarter and Hot Wheels declined 8 percent. The quarter including the holiday-shopping season proved lackluster for many retailers in the U.S., Mattel’s largest market.
Mattel shares rose 16 percent in the year through yesterday, compared with a 19 percent increase for the Standard & Poor’s 500 Index.
The company boosted its quarterly dividend to 38 cents from 36 cents, marking the fifth straight year it has been increased. Last year it upped the dividend 16 percent.
In the fourth quarter a year earlier, earnings excluding costs from its litigation with MGA Entertainment Inc. were $1.12 a share.
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