Mattel handily exceeded Wall Street forecasts for the first quarter, reporting a 19% rise in total revenue to $1.041 billion and adjusted earnings per share of 6 cents.Even before the results cleared the wire after the close of the trading day, Mattel stock was surging on reports of preliminary discussions with two private equity firms.
Shares ended the day at $24.49, up 11%.In the earnings release, CEO Ynon Kreiz said all-time records for the first quarter were set in net sales, operating income, and EBITDA.
It’s the seventh consecutive quarter of growth for the company. “These results are in line with our strategy to grow Mattel’s IP-driven toy business,” he said. “Having completed our turnaround in 2021, we are firmly in growth mode and operating as an IP-driven, high-performing toy company.”Movie and TV projects are central to the evolution strategy Kreiz, a media veteran, has been implementing.
Just yesterday, Warner Bros announced a release date for the first of 14 planned movies based on Mattel properties: Barbie. The Greta Gerwig/Margot Robbie collaboration will come out next July.Along with the quarterly numbers, Mattel reiterated its guidance for 2022 and 2023.The Wall Street Journal and Bloomberg were among those reporting yesterday that Apollo Global Management and L Catterton have both held preliminary talks with Mattel.
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