Published October 16, 2012
Mattel Inc , the world's largest toy company, reported better-than-expected quarterly results as it got a boost from strong sales of its Fisher-Price and American Girl products and kept costs under control.
The company, which also owns brands such as Barbie and Hot Wheels, said third-quarter net income rose to $365.9 million, or $1.04 per share, from $300.8 million, or 86 cents per share, a year earlier.
Analysts on average had expected a profit of 99 cents per share before one-time items, according to Thomson Reuters I/B/E/S.
Sales rose 4 percent to $2.08 billion, marginally above analysts' expectations of $2.07 billion.
Cost of sales decreased 8 percent to $962.4 million.
Third-quarter sales for Fisher-Price brands, which includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels, rose 6 percent, while American Girl brand sales rose 16 percent.
Shares of Mattel, which sells toys through retailers such as Wal-Mart Stores Inc , Toys R Us Inc and Target Corp as well as through its own catalog and website, closed at $35.42 on Monday on the Nasdaq.
(Reporting By Dhanya Skariachan in New York and Siddharth Cavale in Bangalore; Editing by Sreejiraj Eluvangal)