Mattel reports increase in third quarter net income

Toymaker Mattel, based in El Segundo, saw its net income rise 23 percent in the third quarter. Sales were driven in large part by its line of dolls.

Sales of Barbie dolls rose 6 percent worldwide; other doll sales rose 7 percent, driven by Mattel’s Disney Princess line and its new Monster High dolls. The American Girl line rose 2 percent.

Sales of Hot Wheels and Fisher-Price toys both fell, however. Mattel also took advantage of a tax break in the third quarter.

Its net income rose to more than $283 million or 77 cents per share, a penny higher than what analysts expected, and 14 cents higher than a year ago. Revenue was up 2 percent to $1.83 billion, missing the mark set by analysts. Toymakers are gearing up for the holidays, during which they make up to half their annual income.

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