NEW YORK, NY / ACCESSWIRE / April 24, 2017 / Mattel Inc. and Honeywell International Inc. were among the most actively traded stocks in the market on Friday, but shares headed in different directions after the companies reported earnings for the first quarter. Mattel's weak sale of Barbie dolls led to earnings that failed to impress investors, while Honeywell shares jumped higher as the company's revenues saw an impressive boost by aerospace and energy sales.
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Honeywell International Inc.
Share of Mattel Inc. went to the bottom of the S&P 500 on Friday after releasing a disappointing earnings report for Q1. The stock already dropped 8% to $23.21 in pre-market trading and continued dropping during the trading day to close down 13.57% on Friday. First quarter net loss came in at 32 cents a share on revenue of $735.6 million, while analysts had looked for a loss of 17 cents a share on revenue of $801.4 million. Worldwide gross sales for Barbie, which used to be a driving force for sales for the company, declined 13%. "Our Q1 results were below our expectations due to the retail inventory overhang coming out of the holiday period," Mattel CEO Margaret Georgiadis said in a statement.
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Honeywell International was one of the biggest movers on the NYSE in Friday trading after the company reported a better-than-expected first-quarter profit. The multinational conglomerate company posted earnings of $1.71 per share, well ahead of the $1.62 that analysts were expecting. Looking ahead, Honeywell also boosted its full-year 2017 earnings guidance to $6.90 to $7.10 per share. Analysts according to Thomson Reuters consensus estimates were calling for $7.03 per share.
Honeywell's CEO, Darius Adamczyk, said, "Our diversified portfolio, coupled with the investments we've made over the past several years, drove our excellent performance in the first quarter. The commercial aftermarket within aerospace and the global distribution business within home and building technologies remained strong." Traders seemed happy with this news as shares closed a little over 2%. With the help of Friday's gains, the stock is now up 10% for the year and have climbed over 11% over the last 12 months.
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