Mattel's 3Q profit falls 21.5 percent
NEW YORK (AP) — Mattel said Thursday that its third-quarter net income fell 21.5 percent as demand for Barbie and American Girl dolls fell.
The toy company said its net income fell to $331.8 million, or 97 cents per share, in the three months through Sept. 30, from $422.8 million, or $1.21 per share, in the same quarter a year ago. Excluding one-time items, earnings came to 98 cents per share. Revenue fell 8 percent, to $2.02 billion from $2.21 billion.
Analysts had expected adjusted per-share earnings of $1.02, and revenue of $2.18 billion, according to a poll by FactSet.
Mattel Inc., based in El Segundo, California, also makes Hot Wheels cars and Ever After High dolls.
Its shares fell 92 cents, or 3 percent, to $29.62 in late morning trading Thursday. The stock is down about 38 percent this year.