Q4 2023 Earnings Summary
Reported on Jan 7, 2025 (After Market Close)
Pre-Earnings Price$18.81Last close (Feb 7, 2024)
Post-Earnings Price$19.01Open (Feb 8, 2024)
Price Change
$0.20(+1.06%)
- Mattel is launching a $200 million cost-saving program called the Optimizing for Profitable Growth Program, with $60 million in expected savings in 2024, showcasing their strong track record in executing cost savings commitments.
- Hot Wheels achieved 16% growth in Q4 and 13% for the full year, marking its sixth consecutive record year; Mattel gained 280 basis points of market share in the Vehicles category and expects continued growth with new innovations and content, including a movie in development with J.J. Abrams.
- Mattel163 digital gaming business sales grew to nearly $200 million in 2023, and the company is investing in marketing and development for future games, indicating strong growth potential in the digital gaming sector.
- Mattel expects the Dolls category to be down in 2024, as stated by CEO Ynon Kreiz.
- The company anticipates Barbie sales to decline in 2024 due to wrapping the benefits of the Barbie movie, which contributed more than $150 million in sales in 2023.
- Retail inventory levels remain slightly elevated and are not expected to normalize until 2024, potentially impacting sales and margins.