Mattel Profit Falls 60%, But Earnings Top Expectations
By: AP
Mattel , the world's largest toy maker, said Monday that its first-quarter profit slipped 60% as the year-ago period benefited from a hefty settlement, but the results beat Wall Street's expectations.
Earnings fell to $12 million, or 3 cents per share, from $30.2 million, or 8 cents per share, during the same period a year ago.
The prior-year period benefited from $57 million, or 15 cents per share, in tax benefits related to audit settlements with foreign tax authorities.
Analysts polled by Thomson Financial were expecting a loss of 5 cents per share.
Quarterly revenue climbed 19% to $940.3 million from $793.3 million in the previous year.
Consensus estimates put sales at $847.8 million.
Mattel, the world's largest toy maker, said Monday that its first-quarter profit slipped 60% as the year-ago period benefited from a hefty settlement, but the results beat Wall Street's expectations.
