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Mattel, battling rival Hasbro in making toy-based movies, on Tuesday posted first-quarter earnings that missed on earnings and overall revenues.
The company posted an adjusted loss per share of 56 cents, compared to a year-earlier loss of 42 cents per share, on overall revenues of $594 million, down 14 percent from $689.2 million in 2019.
Wall Street analysts forecast the toy maker would post a loss per share of 41 cents, on total revenue at $640 million. Mattel said it has withdrawn its 2020 guidance due to uncertainty around the coronavirus pandemic.
The company also reported a widened first-quarter operating loss of $149.8 million, compared to a year-earlier operating loss of $127.1 million. Toy sales fell during the first quarter, including for Toy Story 4 merchandise after its Hollywood movie launch.
Mattel in a statement said it had sufficient liquidity, including cash on hand and access to $1.6 billion senior secured revolving credit facilities, “to effectively manage through COVID-19 disruption and to continue to execute strategy.”
Company execs on an analyst call were expected to also address the Mattel Film division and its toy-to-film adaptations of IP like Barbie, Hot Wheels, Masters of the Universe and View-Master.
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