Higher sales of Mattel Inc. standards Barbie and Hot Wheels lifted the El Segundo toymaker’s fourth quarter beyond Wall Street’s expectations, the company said Friday.
Mattel reported net income of more than $328 million (89 cents a share) compared with more than $176 million (49 cents) a year earlier. Revenue rose 1 percent to $1.96 billion.
Of the net income, 8 cents was a tax benefit. Analysts surveyed by Thomson Reuters on average expected per-share net income of 68 cents on revenue of $1.98 billion. The company had cut costs over the year.
Revenue fell 2 percent in its domestic markets but rose 3 percent overseas. Worldwide revenue for the Mattel Girls & Boys Brands unit rose 4 percent to $1.16 billion. Worldwide revenue for its wheels division were up 11 percent.
For the full year, Mattel earnings rose 39 percent to more than $528 million ($1.45 per share). Full-year sales fell 8 percent to $5.43 billion.
“In 2009, we improved execution across the company by realigning our infrastructure; controlling costs and expenses; tightly managing working capital; and reducing capital spending,” Chief Executive Robert Eckert said in a press release.
Shares closed down 32 cents, or 1.6 percent, to $19.72 on the Nasdaq.
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