Global net sales of Barbie and the House That Hot Wheels Built were $1.84 billion in the third quarter, down 4% from the same period last year. North American sales fell 3%.
“We continue to execute on our multi-year strategy to grow our intellectual property-driven toy business and expand our entertainment offerings. In line with our priorities for the year, we continue to improve profitability, expand gross margin, and generate significant cash flow. We expect fourth-quarter revenue growth to be driven by a good holiday season, market share gains and a rich theater slate, and position us for long-term growth and shareholder value creation.
— Ynon Kreiz, Chairman and CEO, Mattel Inc.
Reported operating income of $488 million increased $14 million. Adjusted operating income was $504 million, a decrease of $2 million. Reported earnings per share were $1.09, an improvement from $0.41 per share. Mattel said adjusted EBITDA was $584 million, an increase of $5 million
For the first nine months of 2024, net sales fell 2%. Looking ahead, the company expects sales in 2024 to be flat or slightly down from last year.
Behind the scenes of Mattel’s third quarter earnings season, “Adjustment Guidance” first appeared in “Toy Book”.
