- Mattel Inc (NASDAQ:MAT) reported first-quarter FY22 sales growth of 19% year-on-year, to $1.04 billion, beating the consensus of $917.95 million.
- North America segment sales rose 26% Y/Y, and International sales grew 16%.
- Worldwide Gross Billings for Dolls increased 4% Y/Y, Infant, Toddler, and Preschool rose 12%, Vehicles jumped 31%, and Action Figures, Building Sets, Games, and Others rose 41% as reported.
- Gross profit rose 17% Y/Y to $482.9 million, and the gross margin contracted 70 basis points Y/Y to 46.4%.
- The operating margin expanded 380 basis points to 7.7%, and operating income for the quarter rose 136% to $80.1 million.
- Adjusted EBITDA rose 65% to $152 million.
- Adjusted EPS of $0.08 beat the analyst consensus of $(0.04).
- Mattel held $536.6 million in cash and equivalents as of March 31, 2022.
- According to reports, the toymaker has held talks with private equity firms for a potential buyout.
- Mattel is also planning to slash plastic packaging by 25% per product by 2030.
- “Having completed our turnaround in 2021, we are firmly in growth mode and operating as an IP-driven, high-performing toy company,” said Chairman and CEO Ynon Kreiz.
- Outlook: Mattel reaffirmed its FY22 sales growth outlook of 8% – 10% (CC), Adjusted EPS of $1.42 – $1.48 (consensus $1.45).
- It also reaffirmed FY23 sales growth guidance of a high-single-digit percentage and adjusted EPS of more than $1.90 (consensus $1.85).
- Price Action: MAT shares closed higher by 10.8% at $24.49 on Wednesday.
- Photo By Vindiga_Street Via Pixabay
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