By Dhirendra Tripathi
Investing.com – Mattel (NASDAQ:MAT) stock rose more than 2% Wednesday as the company raised its forecast for the year, the optimism coming after sales of Barbie and American Girl dolls and Hot Wheels boosted quarterly sales.
The company claimed to have grown its global market share for the second consecutive quarter.
All-round growth narrowed the company’s net loss significantly to $5.5 million from $111.1 million in the same quarter a year ago.
The toymaker revised its full-year net sales growth forecast in constant currency to 12% to 14% from 6% to 8% earlier.
It sees earnings before interest, taxes, depreciation and amortization for the year between $875 million and $900 million now, up from $800 million to $825 million range it estimated earlier. The company expects adjusted Ebitda to cross $1 billion in 2022.
For the second quarter, net sales were up 36% at $1.02 billion in constant currency.
Gross billings were up in strong double-digits in each of the four regions the toymaker operates in.
Category-wise, gross billings in dolls jumped 47% and 62% in wheels. The company’s three power brands, namely Barbie, Hot Wheels, Fisher Price, Thomas & Friends, American Girl, all grew in double digits.