Toy maker Mattel, Inc. (MAT) on Tuesday posted better-than-expected fourth quarter earnings and raised its quarterly dividend payout by 35%.
The El Segundo, CA-based company reported fourth quarter net income of $370.6 million, or $1.08 per share, compared with $325.2 million, or 90 cents per hare, in the year-ago period.
Revenue edged slightly higher from last year to $2.15 billion.
On average, Wall Street analysts expected a smaller profit of $1 per share, albeit on higher revenue of $2.22 billion.
In another announcement, MAT’s board of directors approved a nearly 35% increase to its quarterly dividend payout. The new dividend of 31 cents per share (up from 23 cents) will be paid on March 9 to shareholders of record as of Feb. 23.
Mattel shares rose 92 cents, or +3.1%, in premarket trading Tuesday.
The Bottom Line
The company was just added to our recommended list. The company has a 4.20% dividend yield, based on last night’s closing stock price of $29.53 and the new higher payout.
Mattel, Inc. (MAT) is a “Recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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