Mattel's 3Q profit falls 21.5 percent

AP News
Posted: Oct 16, 2014 10:42 AM

NEW YORK (AP) — Mattel said Thursday that its third-quarter net income fell 21.5 percent as demand for Barbie and American Girl dolls fell.

The toy company said its net income fell to $331.8 million, or 97 cents per share, in the three months through Sept. 30, from $422.8 million, or $1.21 per share, in the same quarter a year ago. Excluding one-time items, earnings came to 98 cents per share. Revenue fell 8 percent, to $2.02 billion from $2.21 billion.

Analysts had expected adjusted per-share earnings of $1.02, and revenue of $2.18 billion, according to a poll by FactSet.

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Mattel Inc., based in El Segundo, California, also makes Hot Wheels cars and Ever After High dolls.

Its shares fell 92 cents, or 3 percent, to $29.62 in late morning trading Thursday. The stock is down about 38 percent this year.