By Christiana Sciaudone
Investing.com -- Christmas came early for Mattel (NASDAQ:MAT) investors.
Shares of the toymaker gained 11% after it topped sales expectations at the close Thursday, as locked down little ones -- or, rather, their parents -- loaded up on Barbies and Hot Wheels. Revenue rose 10%, to $1.63 billion, beating the estimate of $1.46 billion. Adjusted profit of 95 cents a share far exceeded the 38-cent consensus.
"The toy industry, as a whole, grew significantly and continues to demonstrate its resilience in challenging economic times," said Chief Executive Officer Ynon Kreiz in a statement. "Mattel’s growth outpaced the industry as we gained share in key markets around the world and achieved growth in each of our four regions."
Kreiz said the company has addressed inventory problems brought on by the pandemic and added that it expects a stronger-than-normal holiday season.
Analysts were impressed. Mattel was raised to a buy at DA Davidson and got at least three price target boosts after the results.
Rival toymaker Hasbro (NASDAQ:HAS), which reports next week, rose 2% on the news.