The El Segundo, CA-based company reported third quarter adjusted net income of $0.70 per share, missing Wall Street’s estimate of $0.71. Revenue edged slightly higher from last year to $1.8 billion, which narrowly beat expectations.
Mattel’s latest results were lifted by strong performance in its Barbie segment. From Reuters:
Barbie’s worldwide sales rose 15.8 percent in the third quarter ended Sept. 30 as Mattel’s efforts to revive sales of its signature brand gained traction.
In January, Mattel rolled out Barbie dolls in a variety of skin tones, hairstyles and outfits and in three new body shapes – tall, curvy and petite – to appeal to larger demographics.
MAT commented via press release:
“In the third quarter, we continued to make solid progress against our strategic priorities, and we are pleased with our momentum as we head into the holiday season,” said Christopher Sinclair, Chairman and CEO of Mattel. “Our core brands continue to show improved strength and vibrancy, contributing to very encouraging and broad-based top-line momentum. And we continued to manage costs effectively, while making important investments in brand building, commercial excellence and emerging market expansion. Overall, our strategies are generating good progress on many fronts, and while we still have a critical fourth quarter to execute, we remain broadly on track to deliver on our full-year outlook.”
Mattel also declared a fourth quarter dividend of $0.38 per share, which is the same payout from Q4 2015. The dividend will be paid on Dec. 9, 2016 with a record date of Nov. 22.
Mattel shares rose $1.58 (+5.16%) to $32.20 in after-hours trading. Prior to today’s report, MAT had gained 12.7% year-to-date.