2023-04-26 16:05:36 ET
- Mattel ( NASDAQ: MAT ): Q1 Non-GAAP EPS of -$0.24 in-line.
- Revenue of $814.6M (-21.7% Y/Y) beats by $73.86M .
- Q1 gross margin of 40%, a decrease of 640 basis points; adj. gross margin of 40%, a decrease of 660 basis points.
- MAT CEO Ynon Kreiz says retail inventory management impacted the first quarter's results.
- Company reiterates FY 2023 guidance of net sales to be comparable in constant currency to FY 2022's $5.435B. The consensus revenue estimate is $5.51B.
- Company reiterates FY 2023 guidance of adj. EPS of $1.10 to $1.20. The consensus EPS estimate is $1.26.
- “We expect consumer demand to be positive for the full year and for revenue comparisons to improve, as shipping patterns revert to historical trends in the second half. We continue to generate meaningful free cash flow and expect to exceed $400M in 2023." - MAT CFO Anthony DiSilvestro.
- Press release
- Shares +0.1% after hours.
For further details see:
Mattel Q1 results mixed, co reiterates FY 2023 guidance