Mattel reports 2nd quarter 2024 financial results

Second Quarter 2024 Highlights Versus Prior Year

Net Sales of $1,080 million, down 1% as reported, and comparable in constant currency
Gross Margin of 49.2%, an increase of 410 basis points; Adjusted Gross Margin of 49.2%, an increase of 430 basis points
Operating Income of $83 million, an improvement of $20 million; Adjusted Operating Income of $96 million, an improvement of $21 million
Net Income of $57 million, an improvement of $30 million
Earnings per Share of $0.17 compared to $0.08 per share; Adjusted Earnings per Share of $0.19 compared to $0.10 per share
Adjusted EBITDA of $171 million, an improvement of $23 million
Repurchased $100 million of shares, bringing first half total to $200 million
Company reiterates 2024 guidance
Ynon Kreiz, Chairman and CEO of Mattel, said: “This was a good quarter for Mattel, where we achieved significant gross margin expansion, and growth in Adjusted EBITDA and Adjusted EPS. We further strengthened our balance sheet and more than doubled free cash flow in the trailing twelve-month period. Mattel is well positioned for the second half, with new product innovation and increased retail support. We are in a strong financial position to execute our strategy to grow our IP-driven toy business and expand our entertainment offering.”

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