Q3 2024 highlights V Q3 2023
Mattel has reported third quarter results after close of trading (4pm) on New York Stock Exchange (NYSE) on 23 October. Bottom line? Mattel expects a healthy Q4 autumn and festive season.
UK time is five hours ahead of NYSE, US Eastern time and the results arrived here at 9.05pm.
Key figures
- Net Sales of $1,844 million, down 4% as reported
- Gross Margin of 53.1% (up from 51.0% Q3 2023)
- Operating Income of $488 million, an increase of $14 million
- Adjusted Operating Income of $504 million, a decrease of $2 million
- Net Income of $372 million, an improvement of $226 million
- Adjusted EBITDA of $584 million (earnings before interest, taxes, depreciation, and amortisation) an improvement of $5 million
- Repurchased $68 million of shares, bringing nine-month total to $268 million
1 GBP/British pound = 1.29 USD/US dollars at time of writing.
Ynon Kreiz, chairman and CEO of Mattel, said: “We continue to execute on our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering. In line with our priorities this year, we continue to improve profitability, expand Gross Margin, and generate significant cash flow. We expect topline growth in the fourth quarter driven by a good holiday season, market share gains and a toyetic theatrical slate and are well positioned for long-term growth and shareholder value creation.”
Anthony DiSilvestro, CFO of Mattel, said: “The highlight of the quarter was achieving meaningful expansion in Gross Margin and growth in Adjusted EPS (Earnings Per Share), despite a challenging comparison. We generated significant cash flow on a trailing twelve-month basis, further strengthened our balance sheet, and repurchased additional shares. While we now anticipate our Net Sales to be comparable to slightly down for the full year, we are on track to achieve our full year Adjusted EBITDA and Adjusted EPS guidance, driven by strong Gross Margin performance.”
