Press release
Mattel Reports Full Year and Fourth Quarter 2019 Financial Results
Full Year 2019 Highlights Company exceeded its full year 2019 guidance, making consistent progress in its transformation into an IP-driven, high-performing
About this update from Mattel, Inc.
[{"type":"text","content":"\nFull Year 2019 Highlights\n\n\n\nCompany exceeded its full year 2019 guidance, making consistent progress in its transformation into an IP-driven, high-performing toy company. \n\n\nNet Sales of $4,505 million, flat as reported, including the negative foreign exchange impact of $75 million, and up 1% in constant currency, versus prior year. \n\n\nGross Sales of $5,065 million, flat as reported, including the negative foreign exchange impact of $92 million, and up 2% in constant currency. \n\n\nStructural Simplification run-rate savings of $875 million exiting 2019, exceeding target of $650 million by $225 million, or 35%.\n\n\nReported Gross Margin of 44.0%, an improvement of 420 basis points; Adjusted Gross Margin of 44.9%, an improvement of 480 basis points. \n\n\nReported Operating Income of $39 million, an improvement of $274 million; Adjusted Operating Income of $156 million, an improvement of $269 million. \n\n\nCash Flows Provided by Operating Activities of $181 million, an improvement of $208 million, achieving positive operating cash flow for the first time in three years. \n\n\nFree Cash Flow of $65 million, an improvement of $244 million, achieving positive Free Cash Flow for the first time in three years. \n\n\nMattel was the #1 U.S. and global toy company in 2019, per NPD.\n\n\n\nFourth Quarter 2019 Highlights\n\n\n\nNet Sales of $1,474 million, down 3% as reported, including the negative foreign exchange impact of $9 million, and down 3% in constant currency, versus the prior year’s fourth quarter. \n\n\nGross Sales of $1,665 million, down 3% as reported, including the negative foreign exchange impact of $12 million, and down 2% in constant currency. \n\n\nReported Gross Margin of 48.4%, an improvement of 180 basis points; Adjusted Gross Margin of 48.9%, an improvement of 230 basis points. \n\n\nReported Operating Income of $68 million, a decline of $38 million; Adjusted Operating Income of $109 million, a decline of $2 million. \n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nMattel, Inc. (NASDAQ: MAT) today reported full year and fourth quarter 2019 financial results.\n\n\nYnon Kreiz, Chairman and CEO, Mattel said: “2019 was an important inflection point in our turnaround. We stabilized our topline after five consecutive years of revenue decline, continued to significantly improve profitability, and achieved posit...