Mattel Forecasts FY22 Earnings Above Street Estimates; Stock Up 10%

(RTTNews) - Shares of toymaker Mattel Inc. (MAT) are rising 10 percent in Wednesday's after-hours after the company's outlook for fiscal 2022 came in above Street estimates. Mattel also updated its goals for fiscal 2023.

In fiscal 2022, the company expects adjusted earnings per share between $1.42 and $1.48 while analysts are looking for earnings of $1.39 per share for the year ahead. Net sales are expected to rise between 8-10 percent, on a constant currency basis.

For 2023, Mattel raised its net sales growth forecast to high single digits from an earlier outlook of mid-single-digit growth.  

The stock is up $2.42 or 10% to trade at $25.17 in Wednesday's after-hours.