Press release
Mattel Reports Third Quarter 2021 Financial Results
Net Sales of $1,762 million, up 8% as reported, and 7% in constant currency, versus prior year Reported Gross Margin of 47.8%, a decrease of 280 basis
About this update from Mattel, Inc.
[{"type":"text","content":"\n\nNet Sales of $1,762 million, up 8% as reported, and 7% in constant currency, versus prior year\n\n\nReported Gross Margin of 47.8%, a decrease of 280 basis points; Adjusted Gross Margin of 47.8%, a decline of 280 basis points\n\n\nReported Operating Income of $389 million, an increase of $10 million; Adjusted Operating Income of $401 million, an improvement of $4 million\n\n\nReported Net Income of $813 million, which includes a non-cash benefit of $510 million resulting from the release of valuation allowances on deferred tax assets\n\n\nAdjusted EBITDA of $463 million, a decline of $2 million\n\n\nCompany raises 2021 guidance for Net Sales in constant currency and Adjusted EBITDA\n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nMattel, Inc. (NASDAQ: MAT) today reported third quarter 2021 financial results.\n\nYnon Kreiz, Chairman and CEO of Mattel, said: “This was another strong quarter for Mattel, with increased consumer demand for our products and results exceeding expectations. We successfully navigated ongoing global supply chain disruption, achieved sales growth and, per The NPD Group, continued to gain market share. We expect to grow for the balance of the year and have a strong holiday season. Our strength is foundational and broad-based, and we are on a clear path to improve profitability and accelerate top line growth. The Mattel team continues to execute on our strategy, and we are operating as an IP-driven, high-performing toy company.”\n\nAnthony DiSilvestro, CFO of Mattel, said: “We are very pleased with our overall financial performance and are consistently generating higher levels of cash flow, strengthening the balance sheet, and improving our credit metrics as we progress towards investment grade metrics.”\n\nFor the third quarter, Net Sales were up 8% as reported, and 7% in constant currency, versus the prior year’s third quarter. Reported Operating Income was $389 million, an increase of $10 million, and Adjusted Operating Income was $401 million, an improvement of $4 million. Reported Earnings Per Share was $2.29, an improvement of $1.40 per share, which includes a benefit of $1.44 resulting from the release of valuation allowances on deferred tax assets, and Adjusted Earnings Per Share was $0.84, a decrease of $0.10 per share.\n\nFor the first nine months of the year, Net Sales were up 24% as reported, and...