Mattel posts strong Q3 results, boosted by 'Barbie' mania
Source: AFP
American toy maker Mattel revised its annual earnings forecast after its third quarter results beat analysts' expectations, riding on the success of the "Barbie" blockbuster.
"Consumer demand for our product increased in the quarter, and we continued to outpace the industry," Mattel CEO Ynon Kreiz said in a press release.
He added: "Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel."
In a call with analysts Kreiz said ticket sales, the movie toy line and consumer product partnerships contributed to the company's performance.
The film has grossed more than $1.44 billion worldwide since it was released in theaters in July.
The group posted $1.92 billion in sales from July to September, which was higher than the $1.84 billion forecast by FactSet analysts.
It posted a net income of $146,3 million, half the figure for the same period last year, due to a one-time charge of $212 million linked to taxes on foreign assets, the company said. However, its adjusted per-share profit of $1.08 beat analysts' estimate of 86 cents.
"Given our year-to-date performance and expectations for a strong holiday season, we are updating our guidance for 2023 to reflect anticipated upside to our margin and bottom-line results," Chief Financial Officer Anthony DiSilvestro said in a statement.
The company now expects annual adjusted earnings per share between $1.15 and $1.25, compared with $1.10 to $1.20 estimated previously.
Operating profit is expected between $925 and $975 million, compared to $900-950 million in previous forecasts.
Mattel shares fell 7 percent in extended trade.
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Source: AFP
