Despite a third quarter earnings beat, Mattel (MAT) shares fell in after-hours trading due to a disappointing outlook. Analyst James Hardiman joins Yahoo Finance Live to weigh in on the results. Hardiman says the issue for investors isn't Barbie excitement dying down, but rather "a lot of investors are trying to look at their business, sort of, ex-Barbie so that we can try to figure out what earnings power looks like for 2024." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Despite a third quarter earnings beat, Mattel (MAT) shares fell in after-hours trading due to a disappointing outlook. Analyst James Hardiman joins Yahoo Finance Live to weigh in on the results. Hardiman says the issue for investors isn't Barbie excitement dying down, but rather "a lot of investors are trying to look at their business, sort of, ex-Barbie so that we can try to figure out what earnings power looks like for 2024."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The Wall Street Journal
Mattel bet on “Barbie” is paying off, with the summer big-screen hit lifting the toy maker out of its quarterly sales slump. Mattel’s runaway box-office hit boosted sales of dolls, accessories and Dreamhouses, fueling a 9% increase in third-quarter sales that topped Wall Street’s estimates. Greta Gerwig’s “Barbie” topped more than $1 billion in global ticket sales, according to research firm Comscore.
Reuters
The company said its full-year net sales would be "comparable" to last year's figures of $5.44 billion, but raised its earnings forecast. "While the movie will have likely cast some glow on Barbie sales in Q4, the company's decision to maintain (sales) guidance suggests that it expects some near-term headwinds ahead," Zak Stambor Senior Analyst, Insider Intelligence said. The "Barbie" movie in July set records as the biggest opening of the year and the company is banking on the hype around it to help overcome what is expected to be a softer shopping season as sticky inflation crimps household budgets.
Barrons.com
Mattel ‘s third-quarter earnings barreled past expectations and management raised its profit forecast for the fiscal year. Barbie helped. 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.
Read more --->