'Cars 2' Toys, Disney Princesses Help Drive Mattel's Third-Quarter Results
Entertainment segment revenue increased 14%, driven "primarily" by sales tied to the animated Disney/Pixar film.
NEW YORK - Toy giant Mattel on Friday reported a 6.2 percent gain in third-quarter earnings helped by sales of toys tied to Cars 2 and the company's Disney Princess line.
Quarterly profit amounted to $300.8 million, in line with Wall Street expectations.
Revenue exceeded projections, rising 9 percent to $2 billion. Stifel, Nicolaus analyst Drew Crum said that was "well ahead" of his estimate of $1.94 billion.
"Not only have we continued to benefit from the strength of our core brands, but this year's big entertainment property, Cars 2, is also fueling momentum," said Robert Eckert, chairman and CEO of Mattel. “As we enter into the all-important holiday season, we remain keenly focused on execution and delivering growth in our core brands, working to expand and leverage our international footprint, optimizing our entertainment portfolio, and building our newest franchise, Monster High.”
Entertainment segment revenue increased 14 percent, driven "primarily" by Cars 2 sales, the company said.
Barbie sales rose 17 percent, and the company recorded a 32 percent gain in its "other girls brands" segment driven by Monster High and Disney Princess sales.