YOU ARE HERE: LAT HomeCollections

Mattel misses Wall Street expectations, hit by litigation charge

February 01, 2013|By W.J. Hennigan
  • Hot Wheels maker Mattel Inc. reported an increase in sales in the fourth quarter, but saw net income fall due to a litigation charge.
Hot Wheels maker Mattel Inc. reported an increase in sales in the fourth… (Rick Bowmer / Associated…)

Mattel Inc., the El Segundo toy maker, reported increased revenue in its fourth quarter, but profit fell 17% due to a litigation charge.

On Friday, the Barbie and Hot Wheels maker reported net earnings of $306.5 million, or 87 cents a share, for the three-month period ending Dec. 31, 2012, compared with $370.6 million, or $1.07, in the same period the year before.

During the quarter, Mattel had a charge of $137.8 million related to litigation in a trade dispute with Carter Bryant and MGA Entertainment Inc. over the Bratz doll line. Excluding the litigation charge, the company earned $1.12 a share, still missing analysts' forecast of $1.15.

Revenue for the quarter, which includes the crucial holiday shopping season, rose 5% to $2.26 billion from $2.15 billion.

Mattel's full-year net income was $776.5 million, or $2.22 a share. That’s up 1% from $768.5 million, or $2.18, the year before.

Total revenue on the year increased 2% to $6.42 billion from $6.27 billion.

In mid-session trading, Mattel's stock was up 50 cents, or more than 1%, to $38.13.


Barbie Cafe opens in Taiwan, covered in pink

Barbie's tattoos cause media frenzy, alleged parental outrage

Mattel doesn't have to pay Bratz maker $172 million, court says

Los Angeles Times Articles