Mattel backs FY24 adjusted EPS view, lowers net sales view

Mattel (MAT) backs FY24 adjusted EPS view of $1.35-$1.45 and now sees net sales “comparable to slightly down” compared to FY23, down from a prior view of “comparable,” with both net sales views being in constant currency. Anthony DiSilvestro, CFO of Mattel, said: “The highlight of the quarter was achieving meaningful expansion in Gross Margin and growth in Adjusted EPS, despite a challenging comparison. We generated significant cash flow on a trailing twelve-month basis, further strengthened our balance sheet, and repurchased additional shares. While we now anticipate our Net Sales to be comparable to slightly down for the full year, we are on track to achieve our full year Adjusted EBITDA and Adjusted EPS guidance, driven by strong Gross Margin performance.”