Toy maker Mattel, Inc. (MAT) on Tuesday posted much better-than-expected second quarter earnings results, despite negative currency effects, sending its shares sharply higher in premarket trading.
The El Segundo, CA-based company reported second quarter net income of $96.2 million, or 28 cents per share, compared with $80.5 million, or 23 cents per share, in the year-ago period.
Revenue was mostly flat from last year to $1.16 billion, hurt by effects from the stronger U.S. dollar.
On average, Wall Street analysts expected a much smaller profit of 21 cents per share, on lower revenue of $1.13 billion.
Mattel shares surged $2.28, or +7.3%, in premarket trading Tuesday.
The Bottom Line
We have been recommending shares of Mattel (MAT) since Jan.31, 2012, when the stock was trading at $29.53. The company has a 3.99% dividend yield, based on last night’s closing stock price of $31.04.
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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