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Mattel, Inc. (MAT) reported fourth-quarter 2023 results, wherein earnings and revenues missed the Zacks Consensus Estimate. However, the top and bottom lines increased on a year-over-year basis.The company’s quarterly results reflect growth, driven by its diverse product offerings primarily in the North America segment. Success from the Barbie movie as well as notable progress in entertainment across film, television, digital and publishing bode well. However, this uptrend was partially offset by currency f ...

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT) announced today that Christopher Farrell has joined the Company as Executive Vice President and Chief Strategy Officer, effective immediately. Mr. Farrell will lead strategic planning and corporate development for the Company, including identifying opportunities to accelerate growth and profitability and optimize business performance. He will report to Ynon Kreiz, Chairman and CEO of Mattel. Mr. Kreiz said: “Chris brings to Mattel a wealth of ...

Core Viewpoint - The company, Mattel (MAT.US), has announced a multi-year cost-saving initiative called "Optimizing for Profitable Growth" aimed at enhancing efficiency and reducing costs, particularly within its global supply chain [1] Group 1: Cost-Saving Plan - The plan integrates and expands upon previous cost-saving measures, including the previously announced shutdown of its factory in China, which is not included in the new growth optimization plan [1] - The company expects to achieve targeted annual cost savings starting this year, with an anticipated total savings of $200 million by 2026 [1] - Total costs associated with the plan are estimated to be between $130 million and $170 million, with expected cash expenditures ranging from $130 million to $165 million [1] Group 2: Industry Outlook - The company anticipates a decline in the toy industry in 2024, although the decrease is expected to be less severe than in 2023 [1] - The Chief Financial Officer noted that the expected decline is influenced by a reduction in the number of toy-related theatrical releases and a shift in consumer spending patterns towards experiences and services, which is believed to ease this year [1]

Mattel, Inc. (NASDAQ:MAT) Q4 2023 Earnings Conference Call February 7, 2024 5:00 PM ET Company Participants David Zbojniewicz - Head of IR Ynon Kreiz - Chairman and CEO Anthony DiSilvestro - CFO Conference Call Participants James Hardiman - Citi Eric Handler - ROTH MKM Linda Bolton Weiser - D.A. Davidson Arpine Kocharyan - UBS Jim Chartier - Monness, Crespi, Hardt Stephen Laszczyk - Goldman Sachs Christopher Horvers - JPMorgan Megan Alexander - Morgan Stanley Drew Crum - Stifel Operator Ladies and gentlemen ...

For the quarter ended December 2023, Mattel (MAT) reported revenue of $1.62 billion, up 15.6% over the same period last year. EPS came in at $0.29, compared to $0.18 in the year-ago quarter.The reported revenue represents a surprise of -2.18% over the Zacks Consensus Estimate of $1.66 billion. With the consensus EPS estimate being $0.30, the EPS surprise was -3.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectat ...

Company Performance - Mattel's full-year net sales for 2023 were down 1% in constant currency compared to 2022, totaling $5.441 billion [1] - Fourth quarter net sales were reported at $1.621 billion, reflecting a 16% increase (14% in constant currency) from the same period in 2022 [1] - Adjusted earnings per share for the fourth quarter rose to 29 cents, up from 18 cents in the comparable period of 2022 [1] Industry Context - The toy industry faced challenges in 2023, with retailers starting the year with excess inventory from a weak holiday season in 2022 [2] - Overall toy industry sales are expected to decline again in 2024, but Mattel aims to maintain flat sales, indicating potential market share gains [2] - The toy industry is projected to return to growth in 2025, according to Mattel's CEO [2] Strategic Initiatives - Mattel's board has authorized a $1 billion share repurchase program in response to investor pressure to boost stock prices [2] - Activist investor James Mitarotonda has suggested divesting the American Girl and Fisher-Price divisions, claiming they negatively impact shareholder value [3] - Mattel's CEO defended the American Girl brand, highlighting its ongoing value and planned initiatives, including a live-action film [3] Market Insights - Mattel experienced a 32% increase in North American sales, outperforming many competitors in a challenging market [4] - The success of the Barbie movie contributed to sales growth, particularly during the holiday season [4] - Despite the overall decline in 2023, the toy industry remains over 25% above pre-pandemic levels, indicating a reset phase for many companies [5] Future Outlook - The toy industry is expected to focus on "newness and innovation" in 2024 to drive growth amid flat sales projections [5]

It has been a good year for Mattel, and the toy giant is looking to capitalize on the recent surge in enthusiasm to drive digital and direct-to-consumer (D2C) sales.In a presentation shared with analysts Wednesday (Feb. 7) accompanying the company’s fourth quarter and full-year 2023 earnings report, Mattel shared that it benefitted significantly from the popularity of the Barbie movie, noting that the iconic toy became the best-selling doll property around the world and the second-most popular toy property ...

Mattel (MAT) came out with quarterly earnings of $0.29 per share, missing the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this toy maker would post earnings of $0.87 per share when it actually produced earnings of $1.08, delivering a surprise of 24.14%.Over the last four quarters, the company has surp ...

Toy maker Mattel Inc. on Wednesday reported fourth-quarter results that missed expectations, and the company said it planned to cut costs this year while continuing to buy back stock. The cost cuts would follow layoffs by rival Hasbro Inc. HAS, +1.34% amid a slowdown in demand for toys. They also come as other companies over the past several weeks have announced layoffs and plans to tighten up expenses, as investors seek out bigger profit margins. Shares of Mattel MAT, +1.57% were up 1.5% after hours. “Look ...