Mattel’s holiday-quarter profit tops Street view

NEW YORK (BestGrowthStock) – Mattel Inc’s holiday-quarter profit (Read more your timing to make a profit.) beat Wall Street estimates, mainly on strong demand for the top toy company’s Fashionista Barbie dolls and Hot Wheels cars.

The company, which recently gave its 50-year-old iconic product Barbie a facelift, also benefited from tighter cost controls and a weak U.S. dollar.

Fourth-quarter net income rose to $328.4 million, or 89 cents a share, from $176.4 million, or 49 cents a share, a year earlier.

Excluding a tax benefit, the profit was 81 cents a share, beating the analysts’ average forecast of 68 cents, according to Thomson Reuters I/B/E/S.

Net sales rose 1 percent to $1.96 billion, including a benefit of 4 percentage points from changes in currency exchange rates. Analysts had expected sales of $1.98 billion.

El Segundo, California-based Mattel saw gross sales fall 2 percent in its domestic markets and rise 3 percent internationally. It is expanding its presence in emerging markets like China and India to offset weakness at its home turf.

The company, whose rivals include Hasbro and Hello Kitty creator Sanrio Co Ltd of Japan, pointed out weakness at its Fisher-Price and American Girl brands.

Growth Stocks

(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)

Mattel’s holiday-quarter profit (Read more your timing to make a profit.) tops Street view