Toy company Mattel Inc (NASDAQ:MAT) reported second-quarter financial results after market close Wednesday.
Here are the key highlights.
What Happened: Mattel reported second-quarter net sales of $1.019 billion, down 6% year-over-year. The net sales missed a Street consensus estimate of $1.068 billion according to data from Benzinga Pro.
The company reported earnings per share of 19 cents, beating a Street consensus estimate of 17 cents per share.
“Our second quarter performance reflects operational excellence in the current macroeconomic environment as we continue to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering,” Mattel CEO Ynon Kreiz said.
The CEO said Mattel saw “meaningful gross margin expansion” in the quarter, international growth and advanced its entertainment slate.
Here were the second quarter gross billings by category:
Dolls: $335 million, -19% year-over-year
Infant, Toddler and Preschool: $143 million, -25% year-over-year
Vehicles: $407 million, +10% year-over-year
Action Figures, Building Sets, Games, and Other: $264 million, +16% year-over-year
The company highlighted growth in Action Figures and Hot Wheels in the quarter.
View more earnings on MAT
Of note was a call out that Barbie saw declines in the quarter, which comes as the well-known doll became the center of a talking point on tariffs and people not being able to afford as many dolls during the holidays.
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What’s Next: Mattel lowered its full-year guidance. The company expects full-year earnings per share to be in a range of $1.54 to $1.66, versus prior guidance of a range of $1.66 to $1.72.
The company widened its full-year sales forecast with a new estimate of 1% to 3% year-over-year growth, versus a prior guidance of 2% to 3% growth. This puts the new sales guidance range at $5.434 billion to $5.541 billion, versus a prior range of $5.488 billion to $5.541 billion.
The company said the guidance today is based on what it knows today, but is subject to “market volatility” and “further regulatory actions impacting global trade.”
MAT Price Action: Mattel stock is down 4.46% to $19.30 in after-hours trading Wednesday versus a 52-week trading range of $13.95 to $22.06.
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Photo: rblfmr via Shutterstock
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This article Mattel Stock Falls On Sales Miss, Guidance Cut: Tariffs Hit Barbie originally appeared on Benzinga.com
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