What's Driving Mattel 25% Higher Wednesday Morning?
Shares of Mattel, Inc. (NASDAQ: MAT), a global toy and consumer entertainment company, soared as much as 25% higher Wednesday morning after beating third-quarter estimates.
Revenue increased 3% to $1.48 billion, which topped analysts' estimates of $1.43 billion. Hot Wheels partially drove that revenue result with a 13% increase in global sales for vehicles. Adjusted earnings per share checked in at $0.26, well ahead of the prior year's $0.18-per-share result and of analysts' estimates calling for $0.16 per share.
Beyond the top- and bottom-line figures were a couple of other big takeaways. First, the whistleblower allegations that prevented a $250 million bond sale earlier in 2019 were resolved and, while the company will restate two quarters of earnings from 2017, there won't be a financial impact. Second, management noted that it didn't see any impact from tariffs during the third quarter and doesn't expect any for the remainder of 2019.
Source Fool.com
