Published on 8 Feb 2024 on Zacks via Yahoo Finance

Mattel (MAT) Q4 Earnings & Revenues Miss, Gross Billings Up Y/Y

Mattel, Inc. MAT reported fourth-quarter 2023 results, wherein earnings and revenues missed the Zacks Consensus Estimate. However, the top and bottom lines increased on a year-over-year basis.The company’s quarterly results reflect growth, driven by its diverse product offerings primarily in the North America segment. Success from the Barbie movie as well as notable progress in entertainment across film, television, digital and publishing bode well. However, this uptrend was partially offset by currency fluctuation risks.Exceeding the quarter’s Optimizing for Growth cost savings program target was encouraging, thus positioning Mattel well to continue focusing on growing its IP-driven toy business and expand the entertainment offering through 2024.Following the announcement, MAT’s shares increased 1.5% in the after-hour trading session on Feb 7.

Earnings & Revenue Discussion

In the quarter under review, the company reported adjusted earnings per share (EPS) of 29 cents, lagging the Zacks Consensus Estimate of 30 cents by 3.3%. The reported figure showcased 61.1% growth from the prior-year quarter’s adjusted EPS of 18 cents.