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Mattel swings to loss in Q1

Mattel Inc. said its first-quarter normalized net income came to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $23.4 million, compared with income of $7.5 million in the prior-year period.

The normalized profit margin fell to negative 2.5% from 0.8% in the year-earlier period.

Total revenue decreased on an annual basis to $922.7 million from $946.2 million, and total operating expenses increased year over year to $941.5 million from $918.5 million.

Reported net income totaled a loss of $57.6 million, or a loss of 17 cents per share, compared to a loss of $10.2 million, or a loss of 3 cents per share, in the prior-year period.