Toy maker Mattel, Inc. (MAT) on Friday posted a 6% gain in third quarter earnings, meeting analyst estimates, led by sales of its Barbie dolls and favorable foreign currency effects.
The El Segundo, CA-based company reported third quarter net income of $300.8 million, or 86 cents per share, compared with $283.3 million, or 77 cents per share, in the year-ago period.
Revenue rose 9% from last to $1.97 billion.
On average, Wall Street analysts expected a matching profit of 86 cents per share, on matching sales of $1.97 billion.
The company also announced a new share buyback initiative in which it would repurchase an additional $500 million of its own shares.
Mattel shares fell 17 cents, or -0.6%, in premarket trading Friday.
The Bottom Line
Shares of Mattel (MAT) have a 3.31% dividend yield, based on last night’s closing stock price of $27.78. The stock has technical support in the $24-$25 price area. If the shares can firm up, we see overhead resistance around the $28-$30 price levels.
Mattel, Inc. (MAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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