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Mattel Profit Falls 60%, But Earnings Top Expectations

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.

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