Mattel (NASDAQ:MAT) reported its quarterly earnings figures late Thursday afternoon, amassing an adjusted loss narrower than Wall Street expected, while sales surpassed the guidance, lifting MAT stock after hours.
The El Segundo, Calif.-based toymaker posted fiscal 2019 second-quarter sales of $860.1 million, a 2% increase when compared to the year-ago quarter. Analysts saw Mattel bringing in revenue of $813 million in the consensus guidance, according to a survey carried out by Refinitiv.
On the earnings side of things, the business tallied up a net loss of $108 million, or 31 cents per share, about 55.2% narrower than the loss of $241 million, or 70 cents per share, from the second quarter of 2018. On an adjusted basis when considering one-time items, the company lost 25 cents per share, about 15 cents narrower than the Wall Street loss guidance of 40 cents per share.
“This quarter further demonstrates the continued momentum of our multi-year turnaround strategy,” Ynon Kreiz, chairman and CEO of Mattel said in a statement. The toy brand has been seeking to revitalize its business since the closure of Toys R Us.
Speaking of the former industry juggernaut, Toys R Us is opening its doors once again later this year with a revamped look and, hopefully, feel.
MAT stock is up about 3.4% after hours today following these results. Shares had been gaining 0.2% during regular trading hours.
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