8-K
filed February 7, 2024, 6:59 PM ET
ticker MAT
CIK 0000063276
earnings
confidence high
sentiment positive
materiality 0.85
MATTEL INC /DE/ (MAT): restructuring charge — Mattel reports Q4 net sales up 16%, EPS $0.42; launches $200M cost-savings program; authorizes $1B buyback
MATTEL INC /DE/
2023-FY EPS reported
$0.60
revenue$5,441,219,000
- Q4 net sales $1.621B (+16% as reported); reported EPS $0.42 vs $0.04 prior year; adjusted EPS $0.29 vs $0.18.
- Full year net sales flat at $5.441B; adjusted EPS $1.23 vs $1.25; guides 2024 adjusted EPS $1.35-$1.45.
- Launches Optimizing for Profitable Growth program targeting $200M annual cost savings by 2026, with $130-$170M total costs.
- Board elects Julius Genachowski (ex-FCC chair) and Dawn Ostroff (ex-Spotify content chief); two directors resigned.
- Board authorizes $1B share repurchase program; $203M repurchased in 2023.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.92
MATTEL INC /DE/ updated its fourth quarter and full year 2023 guidance (initiated).
- Period
- fourth quarter and full year 2023
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
On February 7, 2024, Mattel, Inc. ("Mattel" or the "Company") issued a press release regarding its fourth quarter and full year 2023 financial results, a copy of which is furnished as Exhibit 99.1 hereto.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Julius Genachowski was elected as Director at MATTEL INC /DE/.
- Action
- elected
- Role
- Director
Exact text from the filing
the Board of Directors (the “Board”) of the Company elected Julius Genachowski and Dawn Ostroff as new directors of Mattel
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
R. Todd Bradley resigned as Director at MATTEL INC /DE/.
- Action
- resigned
- Role
- Director
Exact text from the filing
R. Todd Bradley and Ann Lewnes resigned from the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ann Lewnes resigned as Director at MATTEL INC /DE/.
- Action
- resigned
- Role
- Director
Exact text from the filing
R. Todd Bradley and Ann Lewnes resigned from the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dawn Ostroff was elected as Director at MATTEL INC /DE/.
- Action
- elected
- Role
- Director
Exact text from the filing
the Board of Directors (the “Board”) of the Company elected Julius Genachowski and Dawn Ostroff as new directors of Mattel
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
MATTEL INC /DE/ announced a restructuring with charges of between $130 and $170 million affecting global supply chain, including its manufacturing footprint ($90 to $105 million).
- Type
- restructuring
- Charge
- between $130 and $170 million
- Affected area
- global supply chain, including its manufacturing footprint
- Headcount
- $90 to $105 million
Exact text from the filing
with the Program, which are expected to be completed beginning 2024 through 2026, are $200 million. Mattel estimates the total cost associated with the Program will be between $130 and $170 million. Total expected cash expenditures under the program are expected to be between $130 and $165 million. The costs associated with the Program are expected to
View on SEC.gov
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