Mattel, Inc. (NASDAQ:MAT) shares rose Friday after the company reported better-than-expected Q1 results.
The toy maker reported net sales of $874 million, up 47% as reported, and 46% in constant currency, versus prior year.
Mattel also reported operating income of $31 million, an improvement of $181 million; adjusted operating income of $28 million, an improvement of $161 million. Net loss proved to be $115 million, an improvement of $96 million.
For the three months ended March 31, 2021, cash flows used for operating activities were $41 million, an improvement of $133 million, primarily driven by current year lower net loss, excluding the impact of non-cash charges.
Cash flows provided by investing activities improved by $87 million to $6 million, primarily driven by proceeds from the disposal of assets and a business and lower net payments of foreign currency forward contracts.
Said CEO Ynon Kreiz, “This was another record quarter for the company, with truly exceptional results reflecting the success of the turnaround, as we continue to drive transformational improvements and acceleration in our business.
“Following the third consecutive quarter of growing market share, we are strengthening our position as a consistent leader in the toy industry. We believe we are very well-positioned to improve profitability and accelerate topline growth in 2021 and beyond.”
MAT shares gained $1.94, or 9.3%,to $22.82.