'Cars 2' Toys Drive Higher Second-Quarter Results at Mattel
NEW YORK - Mattel's second-quarter profit jumped 56 percent as toys tied to the Disney/Pixar movie Cars 2h elped drive the toy maker's latest financials.
Quarterly profit of $80.5 million compared with $51.6 million in the year-ago period as revenue rose 14 percent to $1.16 billion. The results exceeded Wall Street expectations.
Worldwide sales for Mattel's entertainment business rose 41 percent in the latest quarter, driven by Cars 2 and also Green Lantern product. Barbie sales grew 12 percent.
"For the second quarter, I am very pleased with the continued global momentum across our portfolio, including core brand strength as well as the outstanding performance of the Cars 2 entertainment property," said Mattel chairman and CEO Robert Eckert.
Merchandise for Disney/Pixar film Toy Story 3 also helped boost Mattel's results in recent quarters.