Mattel (MAT) Tops Q1 EPS by 12c, Revenues Beat

Mattel (NASDAQ: MAT) reported Q1 EPS of ($0.44), $0.12 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $689.2 million versus the consensus estimate of $645 million.

Ynon Kreiz, Chairman and CEO, Mattel said: "This was another strong quarter, demonstrating meaningful progress in the execution of our strategy, a significant improvement in profitability and a solid performance in our topline. The positive momentum exiting 2018 has continued and is reflected in our operating results. While we are in a multi-year turnaround, we remain on-track to achieve our goals to restore profitability and regain topline growth in the short-to-mid-term and capture the full value from our IP in the mid-to-long term. I continue to be inspired by the commitment and capabilities of our organization as we build shareholder value and transform Mattel into an IP-driven, high-performing toy company."

Joseph Euteneuer, CFO, Mattel said: "This represents the third consecutive quarter of improvement in our key profitability metrics, including Gross Margin, Operating Income, EBITDA and EPS. We have achieved $610 million of run-rate savings from our Structural Simplification program and expect to exceed our goal of $650 million exiting 2019. We have begun implementing our Capital Light model and look forward to starting to realize additional savings in 2020."

For earnings history and earnings-related data on Mattel (MAT) click here.

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