Mattel (MAT) Falls 16% on Lower Earnings, Guidance

We recently published Double-Digit Disaster: 10 Big Names Fall Off the Cliff. Toymaker Mattel, Inc. (NASDAQ:MAT) is one of the worst-performing stocks on Thursday.

Toymaker Mattel, Inc. (NASDAQ:MAT) dropped its share prices by 16.39 percent on Thursday to close at $16.89 apiece as investors soured on the company’s dismal earnings performance and lowered revenue guidance for the full year.

In its earnings release, Mattel, Inc. (NASDAQ:MAT) said net income in the second quarter of the year declined by 6 percent to $53.4 million from $56.9 million in the same period last year.

Net sales also decreased by 6 percent to $1.018 billion from $1.08 billion year-on-year.

For the six-month period, net income fell by 54 percent to $13 million from $28.6 million, while net sales dipped by 2 percent to $1.845 billion from $1.889 billion year-on-year.

Photo by George Filippopoulos on Unsplash

For the full year, Mattel, Inc. (NASDAQ:MAT) lowered its full-year net sales growth expectations to a range of 1-3 percent from 2-3 percent previously.

Adjusted earnings per share were also pegged at a range of $1.54-$1.66 as compared with the $1.66-$1.72 prior.