El Segundo toy manufacturer Mattel Inc. reported higher fourth quarter net income for the period ended Dec. 31 despite a decrease in sales.
The company reported net income of $369 million ($1.07 per share), up 20 percent from the same period a year earlier. Mattel’s net sales however, fell 6 percent to $2.11 billion in the period. The results came in below analysts’ consensus estimate of earnings of $1.15 a share on projected revenue of $2.37 billion.
Sales for the company’s Barbie brand were down 13 percent. Sales for the company’s Wheels line, which includes Hot Wheels and Matchbox brands, were down 11 percent for the quarter.
Mattel Chairman and Chief Executive Bryan Stockton said in a statement that last year was a difficult one for the company.
“Overall, the global toy industry held up pretty well, but we did not meet our growth expectations for the fourth quarter, or the full year, mainly driven by weakness in the U.S. market,” he said.
Shares on Friday closed down $5.17, or 12 percent, to $37.84 on the Nasdaq.
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