EL SEGUNDO (dpa-AFX) - Shares of Mattel Inc. (MAT) surged 18% on extended trading session on Thursday after the company's fourth quarter profit and revenues trumped Wall Street estimates.
Net income for the quarter was $14.9 million or $0.04 per share, compared to last year's loss of $281.3 million or $0.82 per share.
Adjusted earnings for the quarter were $0.04 per share, compared to last year's loss of $0.72 per share. Analysts polled by Thomson Reuters estimate loss of $0.16 per share.
Fourth-quarter sales dropped 5% to $1.52 billion from $1.61 billion last year. Analysts had a consensus revenue estimate of $1.44 billion for the quarter.
Lower sales reflect impact of closure of Toys 'R' Us as well as slowdown in China business.
CFO Joseph Euteneuer said, 'Our key financial metrics, including gross margin, operating income, and earnings per share, are all moving in the right direction and our cost savings initiative is ahead of plan entering 2019. Looking forward, we have ample opportunities to improve our financial performance across the board as our business strategy continues to gain traction in the marketplace.'
MAT closed Thursday's trading at $12.36, down $0.13 or 1.04%, on the NYSE. The stock, however, gained $2.21 or 17.88% in the after-hours trade.
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