Mattel reports 1st-quarter loss but results top expectations, shares rally in late trading
Mattel Inc. on Thursday reported a loss of $58.2 million in its first quarter.
On a per-share basis, the El Segundo, California-based company said it had a loss of 17 cents. Losses, adjusted for severance costs and costs related to mergers and acquisitions, came to 8 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
The toy maker posted revenue of $922.7 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $898 million.
A year ago Mattel posted a loss of $11.2 million, or 3 cents per share, on revenue of $946.2 million. On a constant-currency basis, sales rose 5 percent year over year.
In after-hours trading, the stock rose $1.63, or 6.5 percent, to $26.90. Mattel shares have dropped 18 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAT at http://www.zacks.com/ap/MAT
Keywords: Mattel, Earnings Report