Mattel delivered second-quarter results above Wall Street analysts’ expectations, overcoming a number of adverse trends in the global economy.
Revenue rose 20% from a year ago to $1.236 billion. Earnings per share grew to 18 cents on an adjusted basis, a big improvement from 3 cents in the year-earlier quarter. Analysts’ consensus called for revenue of $1.1 billion and earnings per share of 6 cents.
It was the eighth straight quarter of revenue growth for Mattel. The company reiterated its 2022 guidance for revenue, earnings per share and adjusted EBITDA, as well as its 2023 goals.
Shares in Mattel closed the trading day at $24.17, up 3%.
North American sales grew 30%, compared with 12% in the international division.
AT&T Closes Book On WarnerMedia Ownership Era; Stock Plunges After Q2 Report Lowering Cash-Flow Guidance
CEO Ynon Kreiz, the former head of Maker Studios, Endemol and Fox Kids Europe, has been presiding over a transformation of Mattel with an emphasis on its entertainment properties. Barbie, the forthcoming Warner Bros live-action film, wrapped principal photography today, he noted, and will be released in July 2023.
“It’s not that we’re immune” to issues such as supply-chain snags, foreign currency gyrations or inflation, Kreiz told Deadline in an interview, “but we’re able to work with them and still deliver this result.”
such a great cast
so much legacy and heritage
12 specials to be released into the market
Monster High – animated series, live-action movie on Nickelodeon
Masters of the Universe
Asked about reports in April in the financial press that Mattel has held talks with private equity firms about a potential acquisition of some or all of the company, Kreiz replied, “We have not commented on speculation … The company is in growth mode.”
As it has looked to exploit properties like Hot Wheels, Masters of the Universe and others across various platforms, Mattel has worked with a range of partners. As to the importance of a theatrical launch for a Mattel-backed film, Kreiz said, “You don’t have the same impact of marketing and launching a big movie” without a substantial exclusive theatrical run,” he said, “but you have the constant drumbeat of home viewing, which is also important. From where we sit, we see potential in both sides of the equation.”
Must Read Stories
Not Everything Is In-Person As Confab Returns; Podcast, Gallery, Covid Protocols & More
Uzo Aduba, Aunjanue Ellis & Sanaa Lathan Lead ‘The Supremes At Earl’s All-You-Can-Eat’
Panel Hearings Are Riveting TV But A Rarity That Might Not Be Repeated; How To Watch
Amber Heard Launches Appeal Of Trial Verdict; Johnny Depp “Confident” About Outcome
Read More About:
Source: Read Full Article