EL SEGUNDO (dpa-AFX) - Shares of Mattel Inc. (MAT) surged 11% on extended trading session on Thursday after the company reported a first-quarter loss that was smaller than analysts' estimates, while revenues also trumped Wall Street expectations.
Net loss for the quarter was $183.7 million or $0.53 per share, narrower than last year's loss of $311.3 million or $0.90 per share.
Adjusted loss for the quarter were $0.44 per share, compared to last year's loss of $0.85 per share. Analysts polled by Thomson Reuters estimate loss of $0.56 per share.
First-quarter sales dropped 3% to $689.2 million from $708.4 million last year. Analysts had a consensus revenue estimate of $645 million for the quarter.
CEO Ynon Kreiz said, 'This was another strong quarter, demonstrating meaningful progress in the execution of our strategy, a significant improvement in profitability and a solid performance in our topline. The positive momentum exiting 2018 has continued and is reflected in our operating results.'
Net Sales in the North America segment increased by 5%, while International segment sales decreased by 4%.
MAT closed Thursday's trading at $12.28, down $0.26 or 2.07%, on the NYSE. The stock, however, gained $1.32 or 10.75% in the after-hours trade.
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