Mattel Earnings Up On Strong Earnings
Feb 10, 2022 By MarketDepth
Mattel, Inc. (NASDAQ: MAT) shares jumped about 10% after the children’s entertainment company reported fourth quarter and full year financial results. Ynon Kreiz, Chairman and CEO of Mattel, said: “Mattel’s results for the quarter and full year came in well ahead of expectations, capping another exceptional performance for the company. We have made significant progress on our transformation strategy over the last few years, and our turnaround is now complete. We are in growth mode and believe we are well-positioned to continue our momentum, with 2022 guidance exceeding prior goals and an even stronger outlook for 2023.”
Net Sales Up
For the fourth quarter, Net Sales were up 10% as reported, and 11% in constant currency, versus the prior year’s fourth quarter. Reported Operating Income was $257 million, an increase of $69 million, and Adjusted Operating Income was $264 million, an increase of $64 million. Reported Earnings Per Share were $0.63, an increase of $0.26 per share, which includes a benefit of $0.14 resulting from the release of valuation allowances on certain deferred tax assets, and Adjusted Earnings Per Share were $0.53, an increase of $0.13 per share.
“In 2021, our products resonated with consumers at levels we have not seen in years and, per The NPD Group, we continued to gain market share. We also strengthened our position as a partner of choice for the major entertainment companies and, in addition to our own IP, have a formidable line-up of evergreen properties to drive future growth. The Mattel team stayed committed to our purpose to empower the next generation to explore the wonder of childhood and reach their full potential, and to our mission to create innovative products and experiences that inspire, entertain, and develop children through play.”Ynoz Kreiz, Chairman and CEO of Mattel
Anthony DiSilvestro, CFO of Mattel, said: “2021 was another year of strong financial performance. We generated significant free cash flow, reduced debt, and further improved our balance sheet. We remain focused on executing our strategy and creating long-term shareholder value.”