Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Donate to earthquake relief efforts in Turkey and Syria Donate
Shares in Mattel soar nearly 7%, after better than expected earnings
© Reuters.
Investing.com -- Shares in Mattel Inc (NASDAQ:MAT) soared more than 6% in after-hours trading after one of the world's largest toymakers posted better than expected earnings for the first quarter.
Hampered by a downturn in its iconic Barbie brand over the last several years, Mattel braced for a weak earnings season for the first three months of the year. While Barbie sales fell again during the period, Mattel blamed the losses on weak sales overseas amid a weak euro. Overall, the company reported an 8% increase in sales in the U.S. but a 14% decrease in sales outside the country.
On a currency neutral basis when exchange rates were adjusted for 2014 levels, sales rose 5% to $922.7 million for the quarter. Analysts had projected a loss of 0.09 per share on $901.3 million in revenues. Without the adjustment, company sales fell approximately 2.5% and 0.17 a share.
“In the first quarter, we took a number of steps to implement a rapid turnaround at Mattel,” Mattel Chairman and CEO Christopher Sinclair said in a statement. “We are already benefitting from better decision-making, alignment and enhanced accountability. And we’ve begun to refocus our culture on creativity, innovation and improving our speed to market. While we still have a lot of work to do, we’re starting to see progress with our core brands like Barbie and Fisher-Price, and I am confident we are making the changes necessary to perform better in the future.”
Earlier this month, Sinclair was promoted to CEO after spending the first three months of the year in an interim role following the resignation of predecessor Bryan Stockton.
Shares in Mattel rose 1.67 or 6.67% to 26.94 in after-hours trading.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.