A Mattel's Hot Wheels car from the Larry's Garage Series. (Rick Bowmer / Associated Press) |
Toy maker Mattel Inc.reported positive fourth-quarter and full-year results Tuesday after enjoying healthy holiday sales of core brands and doll lines including Hot Wheels, American Girl and Barbie.
For the three months ended Dec. 31, the El Segundo company reported a profit of $370.6 million, or $1.07 a share, compared with $325.2 million, or 89 cents a share in the same quarter a year ago.
Fourth-quarter sales totaled $2.15 billion, a 1% increase from the year-earlier period. The final quarter is especially crucial for toy companies, with many raking in nearly 40% of their annual sales during the frenzied present-buying of the holiday season.
For the year, Mattel reported a profit of $768.5 million, or $2.18 a share, a 12% bump compared with the $684.9 million, or $1.86 a share, in 2010. Sales were $6.27 billion, a 7% increase from $5.86 billion in 2010.
“Mattel delivered another strong year, our third consecutive year of solid performance, which I am especially pleased about given the soft global economic backdrop and the highly promotional environment, particularly in the U.S.,” Chief Executive Bryan G. Stockton said in a statement.
“Despite these challenges, for the year we delivered strong revenue growth and record operating income. Our portfolio of brands performed around the globe, our point-of-sale grew nicely,” he said.
Shares of Mattel were up $1.47, or 5%, to $31 in midday trading Tuesday.
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