Mattel launched the Q4 & 2024 annual results season at close of play on NYSE (4pm EST/10pm UK time) on Tuesday 4 February.
For the fourth quarter, Net Sales were up 2% versus Q4 2023. Reported Operating Income was $158 million, an improvement of $18 million, and Adjusted Operating Income was $161 million, an increase of $14 million. Reported Earnings Per Share were comparable at $0.42 per share, and Adjusted Earnings Per Share were $0.35, an increase of $0.06 per share.
For the full year, Net Sales declined 1% as reported and 0.5% in constant currency, versus the prior year. Reported Operating Income was $694 million, an improvement of $133 million, and Adjusted Operating Income was $738 million, an improvement of $97 million. Reported Earnings Per Share were $1.58, an improvement of $0.98 per share, and Adjusted Earnings Per Share were $1.62, an improvement of $0.39 per share.
Ynon Kreiz, Mattel chairman and CEO, said: “2024 was a year of strong operational excellence for Mattel with topline growth in the fourth quarter. Our priorities for the year were to grow profitability, expand gross margin, and generate strong free cash flow and we achieved all three objectives, well ahead of expectations. As we progress through 2025, our 80th anniversary year, we look forward to growing both top and bottom line and continuing to successfully execute our multi-year strategy.”
Anthony DiSilvestro, Mattel CFO, added: “We had a strong fourth quarter with both sales growth and margin expansion. We continued to strengthen our balance sheet, repurchased $400 million of shares in 2024, further improved our leverage ratio, and are tracking ahead of schedule to achieve our $200 million cost savings target by the end of 2026. Mattel’s 2025 guidance includes our expectation to grow top and bottom line, increase investments in digital games, and repurchase $600 million of shares. We are well positioned to continue to create long-term shareholder value.”
Category performance and highlights for 2024
- Vehicles – Hot Wheels achieved 7th consecutive record year. Disney Pixar Cars and Matchbox also contributed to growth
- Infant, toddler, and preschool – Fisher-Price returned to growth, driven by FP Wood and Little People
- Dolls – Decline primarily due to Barbie movie wrap; Barbie led category and was #2 overall toy; Monster High and American Girl grew; and Wicked & Moana 2 products performed well
- Challenger categories – Collectively grew, led by double-digit growth in games; UNO achieved highest year on record; Action Figures grew with strong WWE and Minecraft product offerings
Full results and more here
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