Mattel (NASDAQ:MAT) posted Q3 results that exceeded market expectations, but this didn’t prevent its shares from declining over 11% pre-market today.

The company announced an EPS of $1.08, surpassing the predicted $0.86. Additionally, its revenue reached $1.92 billion, beating the anticipated $1.85 billion.

Mattel’s gross billings stood at $2.12 billion, boosted by a 10% increase in North America and a 6% surge in global gross billings. Adjusting its forecast, Mattel now expects an EPS of $1.20 for the entire year, a slight rise from the previous prediction of $1.15. They anticipate the full-year net sales to mirror the 2022 sales figure of $5.44 billion.

Even with these positive adjustments, investors seem to have reservations. The likely causes of their concerns are Mattel’s unchanged sales forecast for 2023 and a modestly upgraded earnings outlook.

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