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Mattel, Inc. (NASDAQ:MAT) reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Mattel reported quarterly earnings of 19 cents per share, which beat the analyst consensus estimate of 17 cents by 11.76%. Quarterly sales came in at $1.08 billion which missed the analyst consensus estimate of $1.10 billion by 1.59% and represents a 0.64% decrease from the same period last year.
Mattel reported adjusted gross margin increased to 49.2%, primarily driven by savings from the Optimizing for Profitable Growth program, cost deflation, lower sales adjustments and lower inventory management costs.
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Worldwide gross billings for Dolls were $414 million, down 6% as reported, or 5% in constant currency, versus the prior year’s second quarter, primarily due to declines in Barbie, Disney Princess and Frozen.
Worldwide gross billings for Infant, Toddler and Preschool were $190 million, down 4%, primarily due to declines in Preschool Entertainment and Baby Gear & Power Wheels, partially offset by growth in Fisher-Price.
Worldwide gross billings for Vehicles were $370 million, up 2%, primarily driven by growth in Hot Wheels.
Worldwide gross billings for Action Figures, Building Sets, Games, and Other were $227 million, up 1%, primarily driven by growth in Games, partially offset by declines in Action Figures.
“This was a good quarter for Mattel, where we achieved significant gross margin expansion, and growth in Adjusted EBITDA and Adjusted EPS. We further strengthened our balance sheet and more than doubled free cash flow in the trailing 12-month period. Mattel is well positioned for the second half, with new product innovation and increased retail support. We are in a strong financial position to execute our strategy to grow our IP-driven toy business and expand our entertainment offering,” said Ynon Kreiz, CEO of Mattel.
Outlook: Mattel reiterated its full-year 2024 guidance of $5.441 billion in net sales and adjusted gross margin between 48.5% and 49%.
MAT Price Action: According to Benzinga Pro, Mattel shares are up 1.39% after-hours at $17.48 at the time of publication after falling 7.71% during regular trading Tuesday.
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Image: Gerd Altmann from Pixabay
Posted In: MAT
