Mattel Profit Rises, Topping Expectations
Mattel, the largest U.S. toy maker, said Monday second-quarter profit rose 15%, helped by strong sales of its Wheels toys and Barbie dolls abroad.
Net income rose to $43.1 million, or 11 cents a share, from $37.4 million, or 10 cents a share, a year earlier.
Quarterly sales rose 6.5% to $1.02 billion from $957.7 million a year ago, as a 3% decline in U.S. sales was overshadowed by an 18% increase in international markets.
Analysts on average expected Mattel to earn 10 cents a share on $1.02 billion in sales, according to Reuters Estimates.
Sales of Mattel's girls and boys brands rose 5%, while Fisher Price sales rose 12%. The company's Wheels business, which includes Hot Wheels and Matchbox toy cars, increased 20%.
Worldwide sales of its 48-year-old Barbie line rose 6% as strong sales abroad overcame a decline in the U.S., where the dolls face competition from MGA Entertainment's Bratz dolls and Hasbro's Littlest Pet Shop.