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Mattel said net income of $141 million dipped by $6 million on revenue that nosed up 2% to $1.65 billion, beating estimates for the quarter and offering a higher than expected full-year forecast that pushed the stock higher.
Domestic sales were driven by Hot Wheels, action figures, building sets and games, partly offset by declines in Infant, Toddler, and Preschool (primarily Baby Gear & Power Wheels) and dolls, primarily Barbie.
Barbie sales also dipped overseas, offset by Hot Wheels and Infant, Toddler, and Preschool lines.
Hot Wheels and action figures will continue strong in 2025 with Mattel predicting 2% to 3% revenue growth. The company said that its full-year guidance “includes the anticipated impact of new U.S. tariffs on China, Mexico and Canada imports announced on February 1st, and mitigating actions we plan to take, including leveraging the strength of our supply chain, and potential pricing.”
President Donald Trump announced tariffs on the three nations this weekend but delayed the hits to Mexico and Canada by a month. A 10% tariff on Chinese goods went into effect overnight and China retaliated, putting import taxes on some U.S. goods.
CEO Ynon Kreiz called 2024 “a year of strong operational excellence for Mattel with topline growth in the fourth quarter. Our priorities for the year were to grow profitability, expand gross margin, and generate strong free cash flow and we achieved all three objectives, well ahead of expectations. As we progress through 2025, our 80th anniversary year, we look forward to growing both top and bottom line and continuing to successfully execute our multi-year strategy.”
