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Mar 31, 2022
Mattel Q1 2022 Earnings Report
Mattel achieved strong first quarter results driven by growth across regions, categories, and power brands.
Key Takeaways
Mattel reported its highest first quarter results on record for net sales, operating income, and EBITDA. Net sales increased by 19% to $1,041 million, and operating income rose by 136% to $80 million. The company reiterates its 2022 guidance and 2023 goals.
Net sales increased by 19% as reported, and 22% in constant currency.
Reported operating income increased by 136%, an increase of $46 million.
Reported EPS was $0.06, an improvement of $0.38 per share.
Company reiterates 2022 guidance and 2023 goals.
Revenue by Segment
Forward Guidance
Mattel's 2022 guidance remains as follows: Net Sales +8 - 10% (Constant currency), Adjusted Gross Margin ~47%, Adjusted EBITDA $1,100 - $1,125 million, Adjusted EPS $1.42 - $1.48, Adjusted Tax Rate 26 - 28%, Capital Expenditures $175 - $200 million.
Positive Outlook
- Expect to grow net sales in 2022 by 8-10% in constant currency.
- Driven by growth in leader categories, led by power brands and American Girl.
- Expect to achieve strong growth in the second quarter.
- Continue to improve free cash flow.
- Improve conversion rate and leverage ratio for the full year.
Challenges Ahead
- Anticipated supply chain disruption that the company is aware of today but remains subject to any unexpected supply chain disruption.
- Market volatility.
- Other macro-economic risks and uncertainties, including those associated with COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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