Sales

The toy maker’s stock (ticker: MAT) was up 5% in after-hours trading to $21.35. Shares closed on Thursday up 2.26%. The Dow Jones Industrial Average was flat and the S&P 500 rose 0.3%

The company reported earnings for its fiscal fourth quarter of $2.29 a share, up 0.89 cents from last year and reported revenue of $1.76 billion, above the FactSet consensus estimate of $1.68 billion.

Third-quarter net income jumped 161% year-over-year to $812.6 million, or $2.29 per share, bolstered by a $510 million noncash benefit from the release of reserves on some deferred tax assets.

Costs for the company increased 14% from a year ago to $919.8 million, which the company attributed to inflation. Those costs were slightly offset by higher pricing, the company said.

“I think investors have been much too negative,” analyst at D.A. Davidson Linda Bolton Weiser said. “I’m not saying there’s not challenges, which there are, but I also think that Mattel and Hasbro "> Hasbro are some of the most sophisticated companies in the world at dealing with those challenges.”

Mattel has been considerably successful in navigating supply-chain pressures, CEO Ynon Kreiz said in a call with investors Thursday. That’s not to say it didn’t have some hardship.

“We did anticipated short supply and longer lead times and factored that into our planning and took various mitigating actions,” Kreiz said.

Bolton Weiser said Mattel operates a bit differently than its competitor Hasbro. Mattel owns some of its own manufacturing plants in China, while Hasbro does not.

Having more control over manufacturing could actually help in situations where supply-chain disruptions are rampant, she said.

Write to Logan Moore at [email protected]’s.com

Source : https://www.barrons.com/articles/mattel-beats-sales-estimates-thanks-to-rising-consumer-spending-the-stock-is-up-51634849406

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