|Mattel 1Q profit rises, Monster High sales climb||| Print ||
|Written by Associated Press|
|Wednesday, 17 April 2013 07:36|
EL SEGUNDO, Calif. (AP) — Mattel's first-quarter net income more than quadrupled, as sales of Monster High and American Girl products rose.
The first-quarter is the seasonally smallest for toy makers, coming after the busy holiday quarter. The latest earnings increase was helped by comparison with a period that included a big charge a year ago.
"We continue to see the first quarter as our pre-season and we remain focused on a strong 2013 and delivering in the all-important holiday season," Chairman and CEO Bryan Stockton said in a statement.
The world's largest toy maker's net income for the January-to-March quarter totaled $38.5 million, or 11 cents per share. That's up from $7.8 million, or 2 cents per share, a year ago.
Analysts polled by FactSet expected earnings of 8 cents per share.
The prior-year period's results were weighed down by costs tied to its $680 million acquisition of HIT Entertainment, the company behind Thomas the Tank Engine and Bob the Builder.
Revenue climbed 7 percent to $995.6 million from $928.4 million. Wall Street expected $984.2 million.
Mattel Inc. shares rose $1.02, or 2.4 percent, to $44 in premarket trading.
The company saw solid sales across North America and overseas. American Girl gross sales increased 32 percent, while worldwide gross sales of other girls' brands — which includes Monster High — surged 56 percent.
Barbie's worldwide gross sales dipped 2 percent, marking the fourth time sales have fallen in the past five quarters. Sales for the Wheels category, which includes the Hot Wheels, Matchbox and Tyco R/C brands, also fell 2 percent. For the Fisher Price brands, sales declined 7 percent.
Mattel also said Wednesday that it declared a second-quarter dividend of 36 cents per share. The dividend will be paid on June 14 to shareholders of record on May 23. The El Segundo, Calif. company anticipates an annualized dividend of $1.44 per share, which would be a 16 percent increase over last year's annualized dividend.
Mattel's smaller rival Hasbro Inc. reports its financial results on Monday.
Copyright 2013 The Associated Press.