(MENAFN- Baystreet)
Buy Disney, Hold W.P. Carey, and Sell Pinterest
Hedge Funds Raise Fees Despite Poor Performance: Report
Nvidia Gained 38% Last Month: What's Next
Canopy Growth Reports Net Loss Of $216.8 Million
'Argylle' Retains Top Spot After Another Slow
box office Weekend Previous Articles Subscribe to Get Small Cap News & Alerts
Ambrose O'Callagha - Monday, February 12, 2024
Mattel Seeks to Cut Costs and Boost Stock After 'Barbie' Boom
Barbie, the Margot Robbie-starring fantasy/comedy film directed by Greta Gerwig, turned into a box office smash in 2023. As it stands today, Barbie is the 14th highest grossing box office hit of all time. It managed to rake in $1.44 billion worldwide. The film was a huge win for Mattel (NASDAQ:MAT), which saw Barbie sales erupt in the wake of the movie's success.
Mattel is a California-based children's and family entertainment company that designs and produces toys and consumer products around the world. Shares of Mattel have climbed 3.5% month-over-month as of close on Friday, February 9, 2024. That has pushed the stock into positive territory in the year-over-year period.
The company released its fourth quarter (Q4) and full-year fiscal 2023 earnings on February 7, 2024. In Q4 FY2023, Mattel delivered net sales growth of 16% to $1.62 billion. Meanwhile, adjusted operating income climbed $68 million year-over-year to $147 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization, aiming to give a clearer picture of a company's profitability. Mattel posted adjusted EBITDA of $234 million in Q4 2023 – up from $76 million in the prior year.
For the full year, Mattel reported net sales of $5.44 billion, which were flat compared to fiscal 2022. Moreover, adjusted operating income dropped $47 million to $641 million and adjusted EBITDA fell $21 million to $948 million.
Mattel's leadership announced a“cost savings program” as it seeks to boost profitability in fiscal 2024. Its shares currently possess a price-to-earnings ratio of 31, which puts this stock in favourable value territory compared to its industry peers.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN12022024000212011056ID1107841528
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.