Mattel beats by $0.04, reports revs in-line
Reports Q3 (Sep) earnings of $1.16 per share, excluding non-recurring items ($0.05 tax benefit), $0.04 better than the Capital IQ Consensus Estimate of $1.12; revenues rose 6.3% year/year to $2.21 bln vs the $2.19 bln consensus.
Worldwide gross sales by core brands: Barbie up 3%; Hot Wheels down 2%; Fisher-Price flat; and American Girl up 20%. Gross margin increased 10 basis points of net sales.
For the International Region, gross sales increased 9%, including an unfavorable impact of currency exchange rates of 2 percentage points.
"We are pleased with our third quarter performance as Mattel delivered growth in every region of the world, expanded our operating margins, further strengthened our balance sheet and returned more capital to our shareholders...As we enter the all-important holiday season, we have a strong lineup of innovative products, promotions and content, and we will continue to focus on execution to deliver growth and long-term shareholder value."