Mattel Profit Rises as Sales Gain 13%

The toy maker said second-quarter earnings rose on solid performance from its Barbie and Hot Wheels brands and the Toy Story 3 property.
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EL SEGUNDO, Calif. (

TheStreet

) --

Mattel

(MAT) - Get Report

, the toy maker, said second-quarter earnings rose on solid performance from its Barbie and Hot Wheels brands and the Toy Story 3 property.

Mattel said net income was $51.6 million, or 14 cents a share, compared with earnings last year of $21.5 million, or 6 cents a share.

Sales rose 13% to $1.02 billion.

"I am pleased with the continued solid performance across our portfolio of brands and countries, particularly Barbie and Hot Wheels, as well as the stellar contribution of the much-anticipated Toy Story 3 property," said Robert A. Eckert, chairman and CEO, in a statement Friday.

Analysts surveyed by Thomson Reuters expected earnings of 15 cents a share on revenue of $1.2 billion.

Mattel said for the second quarter worldwide gross sales for the Barbie brand were up 6%; sales for the Wheels business, which includes Hot Wheels, gained 5%.

Worldwide gross sales for Mattel's Entertainment business were up 60%, primarily driven by growth in the Toy Story 3 and World Wrestling Entertainment properties.

-- Reported by Joseph Woelfel in New York.

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