Mattel beats Wall Street on strong demand

By @ibtimes on

Mattel Inc, the maker of Barbie dolls and Hot Wheels cars, posted quarterly results that breezed past market estimates, helped by strong demand across its brands.

Fourth-quarter net profit was $325.2 million, or 89 cents a share, compared with $328.4 million, or 89 cents a share, a year ago.

Analysts on an average had expected a profit of 86 cents a share, according to Thomson Reuters I/B/E/S.

Mattel, which counts billionaire investor Carl Icahn among its investors, said sales rose 9 percent to $2.12 billion, beating analysts' estimates of $2.09 billion.

Shares of El Segundo, California-based Mattel closed at $24.15 on Tuesday on Nasdaq.

(Reporting by Dhanya Skariachan in New York and NR Sethuraman in Bangalore; Editing by Unnikrishnan Nair)

Join the Discussion