Mattel Inc. (NASDAQ: MAT) stock declined by 1.2% at the last close whereas the MAT stock price rises by 5.26% in the pre-market trading session. Mattel is a prominent worldwide toy business with one of the world’s most comprehensive collections of children’s and family entertainment properties. They design unique services and technologies that uses play to inspire, thrill, and nurture children.
Significant Development for MAT stock
Mattel today has released its second quarter 2021 financial results. Given below is the summary:
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- Sales revenue of $1,026 million were up 40% as reported and 36% in constant currency over the previous year.
- Gross Margin of 47.5 percent was reported, an increase of 390 basis points.
- Adjusted Gross Margin of 47.5 percent, up 370 basis points from the previous quarter.
- Reported Operating Income was $49 million, up $97 million from the previous year; Adjusted Operating Income was $67 million, up $94 million.
- Net loss of $6 million was reported which is a rise of $106 million.
- Adjusted EBITDA increased by $102 million to $131 million.
Mattel’s highest concern remains the health and safety of its employees, while also minimizing the impact of the COVID-19 outbreak on the company. Mattel is aware of the COVID-19 volatility as well as other macroeconomic concerns that might have a detrimental effect on the company’s business.
Ynon Kreiz, Chairman and CEO of MAT Stock commented,
Mattel had again another strong quarter, with strong customer demand for our products. Their strength is both fundamental and wide. They feel they are in the best position to enhance profitability and drive topline growth in several years. Mattel is in an amazing period right now. The overall success this quarter, as well as their overall topline growth, is giving the transformation plan a boost. They’re now fully in growth mode, building Mattel as a high-performing toy company based on intellectual property.
Anthony DiSilvestro, CFO of MAT Stock stated,
Mattel’s outstanding success continued this quarter, with significant increases in net sales, increased gross margin, and a massively increase of Adjusted EBITDA. They’re improving their cash flow generation and free cash flow conversions while also bolstering the financial sheet. As they aim to progress profitability and drive topline growth, they are delighted to boost forecast.