By Yasin Ebrahim
Investing.com - Mattel (NASDAQ:MAT) reported Wednesday fourth-quarter results that beat analysts' forecasts supported by strong toy demand, with the toy maker talking up future growth after completing its turnaround.
Mattel shares gained 8.48% in after-hours trade following the report.
Mattel announced earnings per share of $0.53 on revenue of $1.8B. Analysts polled by Investing.com anticipated EPS of $0.3253 on revenue of $1.65B.
Gross billings in the North America business, which makes nearly half of revenue, rose 13%, underpinned by strong demand for toys including dolls and action figures, with worldwide growth 13% and 25% respectively, in the quarter year-on-year,.
"In 2021, our products resonated with consumers at levels we have not seen in years," the company said.
Looking ahead, the company said it was now in growth mode after completing its transformation strategy.
"We are in growth mode and believe we are well-positioned to continue our momentum, with 2022 guidance exceeding prior goals and an even stronger outlook for 2023.”
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