(CercleFinance.com) – Mattel, the manufacturer of Barbie dolls and Hot Wheels small cars, reported on Wednesday evening a sharp increase in net profit for the fourth quarter.
The net profit of the world number one toy company stood at $147 million over the last three months of 2023, or 29 cents per share, compared to $79 million (18 cents/share) a year ago.
Earnings per share thus came out below the expectations of financial analysts, who were targeting 31 cents per share.
Mattel also performed worse than expected in sales, with revenue up 16% to $1.62 billion, where the consensus was for 17% growth.
Bank of America notes, for its part, that the group has gained 0.7 percentage points of market share in 2023 within a sector that is certainly down 7%.
According to BofA, the Californian group should continue its outperformance in 2024 and continue to gain market share to the detriment of its competitors.
For 2024, Mattel has indicated that it is targeting an adjusted margin of 48.5% to 49%, compared to 47.5% last year, with an adjusted operating profit (Ebitda) of between 975 and 1,025 million dollars, after 948 million in 2023.
Mattel shares, which have lost 10% of their value over the last six months, rose 2.1% in early trading Thursday on Wall Street in the wake of these announcements.
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