Mattel (NASDAQ:MAT) kicked off its first three months of the current fiscal year with a bang as the company unveiled its results Thursday afternoon, amassing sales that came in nearly $45 million stronger than what analysts predicted, playing a role in lifting MAT stock more than 10% after hours.
The El Segundo, Calif.-based toy manufacturing business reported fiscal 2019 first-quarter results that included a net loss of $183.7 million, or 53 cents per share. The amount was about 41% narrower than its loss from the same period in 2018, when it lost $311.3 million, or 90 cents per share–the year-ago figure was negatively impacted by the closing of Toys R Us.
Mattel added that its net sales for the period were down 2.7% year-over-year to $689.2 million, which still impressed when stacked up against Wall Street’s guidance of $645 million, according to data compiled by Refinitiv. The revenue beat was fueled by a surge in Barbie sales, which gained 7% year-over-year, marking the brand’s sixth straight quarter of growth.
The Barbie brand momentum may continue moving in the right direction for the toy company as a live-action movie inspired by the doll is coming soon, starring Margot Robbie. “While we are in a multi-year turnaround, we remain on-track to achieve our goals to restore profitability and regain top line growth in the short-to-mid-term and capture the full value from our IP in the mid-to-long term,” Ynon Kreiz, chairman and CEO of Mattel, said in a statement today.
MAT stock skyrocketed roughly 10.8% after the bell as Barbie sales propelled the brand’s momentum during Mattel’s first quarter of the year. Shares had slid about 2.1% during regular trading hours as the toymaker geared up to unveil its financial results for the aforementioned three-month period.