by Christopher Freeburn | July 17, 2012 9:35 am
Strong worldwide sales of girls dolls and other toys drove Mattel (NASDAQ:MAT) to a strong quarterly finish.
Mattel reported that its second-quarter net income increased to $96.2 million, up 19.5% from $80.5 million during the same time last year.
EPS came in at 28 cents, up from 23 cents in 2011, and solidly topping the 20 cents Wall Street had forecast, the Associated Press noted. Revenue at the toymaker also exceeded estimates, coming in at $1.16 billion, narrowly beating predictions of $1.13 billion.
Shares of Mattel jumped more than 9% in Tuesday morning trading.
Worldwide sales of toys for girls, including its popular Monster High dolls grew 96% over last year. Sales of its iconic Barbie and American Girl dolls increased by 5% and 3%, respectively. Its traditional Hot Wheels toy cars saw their sales rise 11%.
Sales costs fell from $605.5 million last year to $564.2 million as the company looked to trim spending. Marketing expenses were reduced from $116.2 million in 2011 to $112.4 million this year.
Game sales in Mattel’s entertainment unit sounded a down note, falling 36%, dragged down by dwindling interest in its Cars 2 product lines.
Source URL: http://investorplace.com/2012/07/mattel-beats-forecasts-shares-surge/
Short URL: http://invstplc.com/1dcmz7E
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.