Mattel Inc. on Friday reported a 56 percent jump in second quarter profit on higher sales of Barbie and American Girl dolls and toys based on the “Cars 2” movie that opened last month.
The El Segundo toymaker reported net income of $80.5 million (23 cents per share) compared with $51.6 million (14 cents) a year ago. Revenue rose 14 percent to $1.16 billion. Analysts surveyed by Thomson Reuters on average expected per-share profit of 16 cents, on revenue of $1.11 billion.
Worldwide gross sales in the company’s entertainment segment jumped 41 percent, primarily driven by sales of toys tied to the “Cars 2” and “Green Lantern” movies.
Barbie sales rose 12 percent, American Girls were up 13 percent, and the company said Monster High and Disney Princess dolls also sold well. Sales of Fisher-Price toys, including the Thomas and Friends line, rose 4 percent. Hot Wheels sales fell 2 percent.
"Despite the mixed economic news, I am encouraged by our strong operating results and continue to believe we are well-positioned for the all-important second half of the year," Chief Executive Robert Eckert said in a statement.
The company's board declared a third-quarter cash dividend of 23 cents per share, payable Sept. 23 to stockholders of record on Aug. 31.
Shares closed up 50 cents, or nearly 2 percent, to $27.29 on the Nasdaq.
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