Mattel Inc. (MAT) stock gained by 0.14% at the last trading close while the MAT stock price continued to rise by 7.28% in the after-hours trading after MAT has released its first-quarter 2021 financial results. Mattel is a major multinational toy manufacturer with one of the world’s most comprehensive collections of children’s and family entertainment brands. Mattel develops creative goods and activities that use play to inspire, amuse, and grow children.
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Financial Results
Today Mattel announced its first-quarter 2021 financial results which are stated below:
- Compared to the first quarter of the previous year, net sales in the North American market rose 67 percent as announced and 66 percent in constant currency in the first quarter of 2021. Similarly, In the International market, net sales rose 30% in estimated currency and 27% in constant currency.
- Cash Flows Used for Operating Activities were $41 million for the three months ending March 31, 2021, an increase of $133 million which is largely due to a reduced net loss in the fiscal year, minus the effects of non-cash costs.
- MAT’s adjusted Operating Income was $28 million which is an increase of $161 million, whereas the Operating Income was $31 million, a $181 million improvement.
- A net loss of $115 million was announced which has shown an increase of $96 million.
- For the first quarter of 2021, the Adjusted EBITDA increased by $155 million to $89 million.
Mattel’s top concern remains the health and wellbeing of its employees, while also minimizing the impact of the COVID-19 pandemic on MAT’s performance. Mattel is aware of the COVID-19 instability as well as other macroeconomic risks that could have a negative effect on results.
Ynon Kreiz, Chairman and CEO of Mattel commented:
Mattel had yet another record year, with a genuinely exceptional performance showing the turnaround’s momentum as they continue to accelerate transformational progress and market acceleration. MAT is solidifying its status as a steady leader in the toy industry, having grown market share for the third quarter in a row. Mattel predicts that in 2021 and beyond, they will be in a strong position to increase profitability and boost topline growth.
