Mattel reports 3rd quarter 2024 financial results
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, added: “The highlight of the quarter was achieving meaningful expansion in Gross Margin and growth in Adjusted EPS, 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.”
Third Quarter 2024 Highlights Versus Prior Year
- Net Sales of $1,844 million, down 4% as reported, and 3% in constant currency
- Gross Margin of 53.1%, an increase of 210 basis points; Adjusted Gross Margin of 53.1%, an increase of 210 basis points
- 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
- Earnings per Share of $1.09 compared to $0.41 per share; Adjusted Earnings per Share of $1.14 compared to $1.08 per share
- Adjusted EBITDA of $584 million, an improvement of $5 million
- Repurchased $68 million of shares, bringing nine-month total to $268 million
- Company updates 2024 guidance
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Source: https://corporate.mattel.com/news/mattel-reports-third-quarter-2024-financial-results