Shares of Mattel Inc. rose on Wednesday after the company reported net a sharp increase in net income, boosted by increased sales of its American Girl dolls.
The El Segundo toy maker reported first quarter net income that nearly quadrupled to $38.5 million (11 cents a share) from the same quarter the previous year. That beat the average analyst estimate of 9 cents a share for the quarter ended March 31, according to data compiled by Bloomberg.
Revenue increased 7 percent to $996 million. That exceeded analyst estimates of $986 million.
“Overall, 2013 is off to a solid start, demonstrating the strength of our global portfolio of brands, countries and customers,” said Mattel Chief Executive Bryan Stockton.
Sales of the company’s American Girl brand increased 32 percent year-over-year while its Monster High line helped boost its Other Girl Brands 56 percent.
Some legacy brands fell. Barbie sales decreased 2 percent and Hot Wheels shrank 3 percent. Revenue from the company’s Fisher-Price brand decreased 7 percent.
The company also announced a second quarter cash dividend of 36 cents per share on its common stock, payable June 14 to stockholders of record on May 23.
Shares of Mattel, which trade on the Nasdaq, rose 1.9 percent to $43.78 on Wednesday, while the broader markets declined.
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