Just days after reporting better-than-expected results, Mattel Inc. (MAT) offered a dour forecast for 2019, sending shares into their worst tailspin in nearly 20 years Friday.
During a presentation to analysts Friday, the company projected flat gross sales and adjusted EBITDA of $350-$400 million for the year. Analysts surveyed by FactSet had been expecting the company to post adjusted EBITDA of $538 million.
Shares of Mattel fell $3.10, or 17.7% to close at $13.92, the worst one-day percentage decline for the stock since Oct. 4, 1999.
On Feb. 9 the company posted a surprise profit of 4 cents a share for the fourth quarter on strong sales of its iconic Barbie doll brand.