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Mattel News: Why MAT Stock Is Surging 13% Higher Today

Mattel (NASDAQ:MAT) is making news on Friday following the release of its earnings report for the third quarter of 2020. That earnings report includes adjusted earnings per share of 95 cents on revenue of $1.63 billion. These are both better than Wall Street’s estimates of 38 cents per share and revenue of $1.46 billion.

Image of the Mattel (MAT) name and logo on a building.

Source: Ken Wolter / Shutterstock.com

Here’s what else is worth noting about the Mattel news.

  • Adjusted per-share earnings are up 265.4% from 26 cents during the same time last year.
  • Revenue for the quarter is sitting 10% higher than the $1.48 billion reported in Q3 2019.
  • Operating income of $384.2 million is a 156% jump year-over-year from $150.1 million.
  • The Mattel earnings report also has net income coming in at $316 million.
  • That’s a 348% increase over the company’s net income of $70.6 million from the same period of the year prior.

Ynon Kreiz, chairman and CEO of Mattel, said the following about the news.

This was a very strong quarter for Mattel. We saw a major upswing in topline and a significant increase in profitability as we continued to make meaningful progress towards becoming an IP-driven, high-performing toy company. The toy industry, as a whole, grew significantly and continues to demonstrate its resilience in challenging economic times.

Mattel doesn’t include guidance for Q4 2020 in its current earnings report. Even so, we know what Wall Street expects. That includes adjusted EPS of 30 cents on revenue of $1.49 billion for the period.

MAT stock was up 12.7% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/mattel-news-boosts-mat-stock-up/.

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