(New York) The American Mattel raised its forecasts for the whole year after achieving results above analysts’ expectations in the third quarter, saying it had benefited in particular from the success of the film barbie released in July.
“Consumer demand for our products increased during the quarter and we continue to outperform the sector,” commented Ynon Kreiz, boss of the group, quoted in a press release published Wednesday.
“Our results benefited from the success of the film “Barbie,” which became a global cultural phenomenon and represents a milestone for Mattel,” he added.
In a conference with analysts, he cited “significant contributions from ticket sales, the film’s toy lines and product partnerships.”
The film has grossed more than $1.44 billion worldwide since its theatrical release.
“We are very well positioned competitively and we hope to gain market share during the fourth quarter and throughout the year,” Mr. Kreiz continued in the press release.
Between July and September, the group achieved $1.92 billion in turnover (+9%), which is a little better than the consensus of FactSet analysts (1.84 billion).
Its net income came to $146.3 million, a drop of half compared to the same period of the previous year. It was burdened by an exceptional charge of $212 million linked to taxes relating to assets abroad, the group explained.
Reported per share and excluding exceptional items – a benchmark for the markets – the profit came to $1.08, much better than the 86 cents forecast by the consensus.
“Given (its) year-over-year performance and (its) expectations of a promising holiday season,” Mattel has revised upwards some of its forecasts for the year, said Anthony DiSilvestro, its financial director, quoted in the press release.
This concerns, in particular, its earnings per share excluding exceptional items, which should be between 1.15 and 1.25 dollars instead of 1.10 to 1.20 dollars previously anticipated.
Operating profit is expected between $925 and $975 million (previously $900-950 million).
In electronic trading after the New York Stock Exchange closed, Mattel’s shares fell 7.06%.