Mattel Inc MAT shares are trading lower in Thursday's after-hours session after the company reported financial results. The company's adjusted gross margin of 44.9% decreased 260 basis points year over year.
Mattel said second-quarter revenue increased 20% year-over-year to $1.24 billion, which beat the estimate of $1.1 billion, according to data from Benzinga Pro. The company reported quarterly earnings of 18 cents per share, which beat the estimate of 6 cents per share.
Mattel said gross margins were down 310 basis points to 44.4% in the second quarter.
"We are benefiting from strong retail partnerships and look forward to meeting the projected increase in consumer demand for our product, as we enter the second half of the year and the all-important holiday season," said Ynon Kreiz, chairman and CEO of Mattel.
Mattel reiterated its full-year revenue guidance expectations for an increase of 8% to 10%. Full-year adjusted earnings are expected to be between $1.42 and $1.48 per share.
MAT Price Action: Mattel has traded between $26.99 and $17.94 over a 52-week period.
The stock was down 3.14% in after hours at $23.41 at press time.
Photo: courtesy of Mattel.
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