Mattel Q1 net loss $106M; revenue down 22% YoY; reaffirms FY guidance

MATTEL INC /DE/

2023-Q1 EPS reported -$0.30 revenue$814,579,000

Net sales $815M, down 22% as reported; net loss $106M ($0.30 loss per share) vs prior year net income $21M.
Adjusted operating loss $87M, down $177M; adjusted EBITDA negative $14M, down $166M.
Gross margin 40.0%, down 640 bps due to inventory management, cost inflation, and unfavorable fixed cost absorption.
Reaffirms FY2023 guidance: adjusted EPS $1.10-$1.20, adjusted EBITDA $900-$950M, free cash flow >$400M.
Repurchased $34M of shares; cites retail inventory management impact but expects improvement in H2.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MATTEL INC /DE/ reported full year 2023 results: EPS $1.10 - $1.20. Guidance reaffirmed.

Period: full year 2023
EPS: $1.10 - $1.20
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Mattel’s full year 2023 guidance remains: (in millions, except EPS and percentages) FY2023 Guidance FY2022 Net Sales Comparable (Constant Currency) $5,435 Adjusted Gross Margin ∼ 47% 45.9% Adjusted EPS $1.10 - $1.20 $1.25 Adjusted EBITDA $900 - $950 $968 Adjusted Tax Rate 25 - 26% 24% Capital Expenditures $175 - $200 $187 Free Cash Flow > $400 $256

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MATTEL INC /DE/ reported first quarter 2023 results: revenue $815 million, net income $106 million, EPS $0.30. Guidance reaffirmed.

Period: first quarter 2023
Revenue: $815 million
Net income: $106 million
EPS: $0.30
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Net Sales of $815 million, down 22% as reported, or 21% in constant currency • Gross Margin of 40.0%, a decrease of 640 basis points; Adjusted Gross Margin of 40.0%, a decrease of 660 basis points • Operating Loss of $115 million, a decrease of $195 million; Adjusted Operating Loss of $87 million, a decrease of $177 million • Net Loss of $106 million compared to prior year Net Income of $21 million • Net Loss per Share of $0.30

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Source: SEC EDGAR

accession 0001628280-23-013224

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