Toymaker Mattel, Inc. (NASDAQ: MAT) reported a marked increase in third-quarter earnings, supported by a 3% growth in sales. The results also exceeded the consensus forecast, sending the stock sharply higher during Tuesday’s after-hours session.
Earning, on an adjusted basis, climbed 44% annually to $0.26 per share, surpassing the market’s prediction. Reported operating income was $150.1 million or $0.20 per share, up from last year’s profit of $121.9 million or $0.02 per share.
Sales up 3%
Third-quarter net sales increased 3% annually to $1.48 billion. Sales grew in double digits in the international market, across all the major categories.
Sales in the North America region were flat during the quarter, compared to last year, while international sales increased 10%. Sales in the American Girl segment declined 15%, hurt by lower sales at retail stores.
Worldwide gross sales for Dolls were up 5%, while sales for the Infant, Toddler and Preschool segment dropped 11%. Worldwide Vehicles sales climbed 13% annually and sales for the Action Figures and Building Sets segment advanced 12%.
Also see: Hasbro Q3 2019 Earnings Snapshot
Ynon Kreiz, Chairman and CEO, said, “We are starting to see positive revenue trends with growth for the second quarter in a row as reported, and for the third straight quarter in constant currency. And we continue to make meaningful progress in laying the groundwork to capture the full value of our IP. We are encouraged by this momentum, as we remain focused on execution and the creation of long-term shareholder value.”
During the quarter, the company achieved structural simplification run-rate savings of $826 million, above its target of $650 million. The management expects to exceed $854 million of run-rate savings by the end of 2019.
Over the past few weeks, Mattel shares had been trading at the lowest level in more than ten years. The stock, which dropped 9% in the past twelve months, gained about 16% on Tuesday evening following the earnings report.
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