Toy maker Mattel Inc. reported a surprise first-quarter profit, due to lower costs and demand for its Barbie, Thomas & Friends, and WWE wrestling toys.
The El Segundo, Calif.-based world’s largest toy maker reported net income of $24.8 million, while most Wall Street analysts pegged Mattel to report a first-quarter loss. Sales increased 12 percent to $880.1 million globally for the quarter.
Sales were brisk for the newly licensed Thomas & Friends toys, WWE wrestling action figurines, and its flagship Barbie-branded toys. Sales of Matchbox, Hot Wheels, and Tyco R/C cars also jumped.
Mattel did not release a financial forecast for 2010.
The El Segundo, Calif.-based world’s largest toy maker reported net income of $24.8 million, while most Wall Street analysts pegged Mattel to report a first-quarter loss. Sales increased 12 percent to $880.1 million globally for the quarter.
Sales were brisk for the newly licensed Thomas & Friends toys, WWE wrestling action figurines, and its flagship Barbie-branded toys. Sales of Matchbox, Hot Wheels, and Tyco R/C cars also jumped.
Mattel did not release a financial forecast for 2010.