Mattel: share price supported by market share gains

(CercleFinance.com) - Mattel, the maker of Barbie dolls and Hot Wheels toy cars, reported a sharp rise in Q4 net income on Wednesday evening.


Net income for the world's leading toy maker came to $147m for Q4 2023, or 29 cents per share, compared with $79million (18 cents/share) a year ago.

EPS thus fell short of the consnsus, which was looking for 31 cents per share.

Mattel's sales also fell short of expectations, up 16% to $1.62bn, below the 17% growth forecast by the consensus.

Bank of America notes that the company increased its market share by 0.7% in 2023, in a sector that was admittedly down 7%.

According to BofA, the Californian group should continue to outperform in 2024, and continue to gain market share at the expense of its competitors.

For 2024, Mattel said that it is targeting an adjusted margin of 48.5% to 49%, compared with 47.5% last year, with adjusted operating profit (Ebitda) of around $1bn ($975m to $1,025m), after $948m in 2023.


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