Press release
Mattel Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Highlights Versus Prior Year Net Sales of $1,080 million, down 1% as reported, and comparable in constant currency Gross Margin of 49.2%,
About this update from Mattel, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 Highlights Versus Prior Year\n\n\n\nNet Sales of $1,080 million, down 1% as reported, and comparable in constant currency\n\n\n\nGross Margin of 49.2%, an increase of 410 basis points; Adjusted Gross Margin of 49.2%, an increase of 430 basis points\n\n\n\nOperating Income of $83 million, an improvement of $20 million; Adjusted Operating Income of $96 million, an improvement of $21 million\n\n\n\nNet Income of $57 million, an improvement of $30 million\n\n\n\nEarnings per Share of $0.17 compared to $0.08 per share; Adjusted Earnings per Share of $0.19 compared to $0.10 per share\n\n\n\nAdjusted EBITDA of $171 million, an improvement of $23 million\n\n\n\nRepurchased $100 million of shares, bringing first half total to $200 million\n\n\n\nCompany reiterates 2024 guidance\n\n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nMattel, Inc. (NASDAQ: MAT) today reported second quarter 2024 financial results.\n\n\nYnon Kreiz, Chairman and CEO of Mattel, said: “This was a good quarter for Mattel, where we achieved significant gross margin expansion, and growth in Adjusted EBITDA and Adjusted EPS. We further strengthened our balance sheet and more than doubled free cash flow in the trailing twelve-month period. Mattel is well positioned for the second half, with new product innovation and increased retail support. We are in a strong financial position to execute our strategy to grow our IP-driven toy business and expand our entertainment offering.”\n\n\nAnthony DiSilvestro, CFO of Mattel, added: “Mattel achieved another quarter of increased profitability. We continue to generate significant cash flow and are executing our capital allocation priorities, with the expectation to continue share repurchases in the second half of the year. We expect to achieve our 2024 guidance and grow both sales and earnings in 2025.”\n\n\nFinancial Overview\n\n\nFor the second quarter, Net Sales were down 1% as reported, and comparable in constant currency, versus the prior year’s second quarter. Reported Operating Income was $83 million, an improvement of $20 million, and Adjusted Operating Income was $96 million, an improvement of $21 million. Reported Earnings Per Share were $0.17, an improvement of $0.09 per share, and Adjusted Earnings Per Share were $0.19, an improvement of $0.09 per share.\n\n\nFor the first six months of the year, Net ...