Mattel outlines a plan for 2021 and beyond, and expects sales to grow in the mid-single digits through 2023
Barbie dolls from the Fashionistas line of the US toy manufacturer Mattel are on display at the company’s booth at the International Toy Fair on January 28, 2020 in Bavaria, Nuremberg. 2020.
Daniel Karmann | Image Alliance | Getty Images
Mattel’s shares rose up to 4% on Wednesday as the company set out its plans for 2021 and beyond.
During the company’s investor day presentation, the toy manufacturer reiterated its growth forecast for this year and set its forecasts for 2022 and 2023.
In 2021, Mattel expects Adjusted EBITDA to be between $ 755 million and $ 800 million. That would be an increase of $ 719 million last year.
The company added that sales will grow in the mid-single-digit range of $ 4.58 billion in 2020. Mattel executives said sales will grow at a similar pace in 2022 and 2023 through 2023.
In addition, Mattel expects cost savings of $ 250 million through 2023. Mattel cut costs by $ 1 billion between 2018 and 2020.
Mattel’s guidance is based on strong fourth quarter results released earlier this month.
Without accounting for items, Mattel made 40 cents per share, which was higher than 23 cents refinitive earnings per share. Revenue rose 10% to $ 1.63 billion, beating the expected $ 1.58 billion.