UPDATE 1-Mattel beats profit estimates as cost cuts take hold [Reuters]
Mattel, Inc. (MAT)
Last mattel, inc. earnings: 2/13 04:05 pm
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Source: Reuters
Mattel beats profit estimates as cost cuts take hold (Reuters) - Mattel Inc ( MAT.O ) on Thursday beat estimates for quarterly profit as it benefited from a robust cost-cutting program, even as holiday season sales of its flagship Barbie brand in North America were pressured by Hasbro Inc’s ( HAS.O ) “Frozen” dolls. Shares rose 4.8% to $15.09 in extended trading. The company exceeded its initial 2019 cost-cutting target of $650 million by 35% as Chief Executive Officer Ynon Kreiz looks to improve profitability through cutting jobs, closing manufacturing facilities and reducing products manufactured. Mattel now expects $50 million in savings in 2020 from a “capital light program”, which includes the closure of four factories in Asia, Mexico and Canada, Kreiz told Reuters. “We’re changing the way we operate,” said Kreiz, who took the helm in 2018. Mattel reported an adjusted profit of 11 cents per share in the fourth quarter ended Dec. 31, racing past expectations of 1 cent, accordi
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MAT
News
- Mattel to Bring Three Channels to Samsung TV PlusBusiness Wire
- Mattel (MAT) Q1 Earnings Beat, Revenues Miss, Stock Rises [Yahoo! Finance]Yahoo! Finance
- Investors Reward Hasbro, Mattel For Cost Cuts, Inventory Reductions [Forbes]Forbes
- Mattel, Inc. (NASDAQ: MAT) had its price target raised by analysts at Citigroup Inc. from $25.00 to $26.00. They now have a "buy" rating on the stock.MarketBeat
- Mattel, Inc. (NASDAQ: MAT) had its price target raised by analysts at Bank of America Co. from $25.00 to $26.00. They now have a "buy" rating on the stock.MarketBeat
MAT
Earnings
- 4/23/24 - Beat
MAT
Sec Filings
- 4/23/24 - Form 8-K
- 4/18/24 - Form DEFR14A
- 4/17/24 - Form ARS
- MAT's page on the SEC website