{"id":36392,"date":"2023-10-26T20:12:24","date_gmt":"2023-10-26T20:12:24","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/mattel-stock-falls-after-beat-and-raise-quarter-toy-demand-is-slowing\/"},"modified":"2023-10-26T20:12:25","modified_gmt":"2023-10-26T20:12:25","slug":"mattel-stock-falls-after-beat-and-raise-quarter-toy-demand-is-slowing","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36392","title":{"rendered":"Mattel Stock Falls After Beat-and-Raise Quarter. Toy Demand Is Slowing."},"content":{"rendered":"
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Barbie sales helped
\n Mattel
\n barrel past third-quarter expectations. But the stock plummeted double-digits in premarket trading Thursday after the company said toy demand was slowing into the holiday season.<\/p>\n

The toy maker posted adjusted earnings of $1.08 a share, while the consensus call among analysts tracked by FactSet was for 86 cents. Sales of $1.92 billion were up 7% year over year in constant-currency terms, while Wall Street had expected $1.84 billion. <\/p>\n

\n

Gross billings for dolls rose 24% in constant currency compared with the previous year, Mattel (ticker: MAT) said, driven by growth in Barbie, Disney Princesses, and Monster High. <\/p>\n

\u201cOur results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel,\u201d said CEO Ynon Kreiz. <\/p>\n

The company also raised its guidance for the fiscal year. It now expects adjusted earnings per share to range between $1.15 and $1.25, higher than past projections for $1.10 to $1.20. Analysts were forecasting earnings of $1.20 a share. <\/p>\n

But the bottom-line raise wasn\u2019t enough for investors. The company didn\u2019t raise its revenue forecasts, which was weighing on the stock Thursday. Mattel continues to expect full-year revenue to be comparable to fiscal 2022. Indeed, outside of Barbie, the company saw sales declines for some of its other products, including action figures, games, and infant and toddler products. <\/p>\n

Perhaps more damning for the stock, Mattel\u2019s management said it sees a tough environment for toy sales headed into the holidays. The company expects industry sales to decline by mid-single digits for the full year, Kreiz said on a call with investors, slightly worse than previous calls for a modest decline. <\/p>\n

\u201cWe are operating in a challenging macroeconomic environment with higher volatility that may impact consumer demand,\u201d added Anthony DiSilvestro, Mattel\u2019s chief financial officer. \u00a0<\/p>\n

That said, Mattel is \u201cwell-positioned competitively,\u201d Kreiz said, and continues to expect a strong holiday season on its end. <\/p>\n

Shares of Mattel fell 11% to $17.89 in premarket trading Thursday. Competitor
\n Hasbro
\n (HAS) fell 13%.
\n Hasbro
\n on Thursday slashed its full-year guidance, citing a \u201csofter toy outlook.\u201d<\/p>\n

Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Barbie sales helped Mattel barrel past third-quarter expectations. But the stock plummeted double-digits in premarket trading Thursday after the company said toy demand was slowing into the holiday season. The toy maker posted adjusted earnings of $1.08 a share, while the consensus call among analysts tracked by FactSet was for 86 cents. Sales of $1.92 […]<\/p>\n","protected":false},"author":1,"featured_media":36393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-36392","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nMattel Stock Falls After Beat-and-Raise Quarter. Toy Demand Is Slowing. | Prosfunds<\/title>\n<meta name=\"description\" content=\"Barbie sales helped Mattel barrel past third-quarter expectations. 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