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April 17, 2014
12:59 EDTHAS, MAT, LFMattel falls after reporting lower Q1 international, North American sales
Shares of global toy manufacturer Mattel (MAT) are falling after the company reporting lower than expected first quarter earnings and revenue. WHAT'S NEW: Mattel reported a Q1 loss per share of 3c, which was far below analysts' consensus of a 9c gain. The company reported Q1 revenues of $946.2M, which was lower than analyst projections of $953.92M. Mattel reported that its Q1 international sales were down 7% and that its North American sales were down 2%. CEO Brian Stockton said that the retail environment during the quarter was "challenging" and that its Q1 revenues were in-line with the company's expectations. WHAT'S NOTABLE: On slides from the company's Q1 earnings conference call, Mattel said that it foresees making progress on inventory clean-up, but says efforts will continue in the short term. The company maintains FY14 gross margins within the low-to-mid 50% range. For FY14 SG&A activity, Mattel sees a modest increase in SG&A including severance and ongoing growth investments in FY14, but points out that this excludes the impact of the pending MEGA Brands acquisition. During Mattel's Q1 earnings conference call, the company said that it plans to continue to shift spending to the back half of the year and noted that this action will impact Q2 revenue slightly. The company said that it is working on ways to get a higher return on advertising spending. Mattel sees FY14 capital expenditures between $230M-$240M. Mattel said that it plans to fund expansion in strategic geographic locations and that it expects modest first quarter headwinds to continue in the second quarter. The company says that it is on track to achieve $150M in gross savings this year and sees its tax rate in FY14 to be between 21%-22%. OTHERS TO WATCH: Rival companies to Mattel include Hasbro (HAS) and LeapFrog (LF). PRICE ACTION: During afternoon trading, shares of Mattel are down 30c, or 0.79%, to $37.58.
News For MAT;HAS;LF From The Last 14 Days
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