Mattel Turns a Profit

Mattel ( MAT) said its second-quarter sales rose 8% year over year, and the toymaker turned a profit, rebounding from last year's loss.

Shares of Mattel, the El Segundo, Calif., maker of Hot Wheels and Barbie, surged after the report, gaining $1.53, or 9.6%, to $17.41.

For the quarter, the company earned $37.4 million, or 10 cents a share, compared with a loss of $94 million, or 23 cents a share, a year ago. Tax benefits added 2 cents a share to the most recent quarter, while last year's loss reflected a tax-related expense of 28 cents.

Sales climbed to $957.7 million from $886.8 million last year.

Even without the tax gain, Mattel would have exceeded the consensus profit forecast of 4 cents a share as compiled by Thomson Financial. Analysts were calling for sales of about $925 million.

More from Stocks

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain