Mattel Jumps After Quarterly Earnings Beat Analysts’ EstimatesJennifer Kaplan
Mattel Inc., the world’s largest toymaker, rose as much as 5.6 percent in late trading after second-quarter earnings beat analysts’ estimates.
Profit amounted to 1 cent a share in the period, excluding some items, the El Segundo, California-based company said in a statement on Thursday. That beat analysts’ predictions for a 4-cent loss, according to data compiled by Bloomberg. Revenue was $988.2 million, compared with a $991.9 million estimate.
Chief Executive Officer Christopher Sinclair, who took the reins in January, has been working to cut bureaucracy and improve innovation. Rebuilding the appeal of Barbie -- Mattel’s single biggest product -- also is key to the turnaround.
“We are encouraged by improved performance across our core brands, as well as strong momentum in emerging markets like China and Russia,” Sinclair said in the statement. “Although we are still early in our turnaround effort, I believe we are taking all the right steps to be more competitive in the growing global toy industry.”
Mattel shares rose as high as $26.55 in extended trading after the results were released. The stock had been down 19 percent this year through Thursday’s close.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.