Mattel backs FY23 revenue view ‘comparable’ to $5.44B in FY22, consensus $5.48B

Raises FY23 gross margin view to 47%-48% from about 47%. Raises FY23 adjusted EBITDA view to $925M-$975M from $900M-$950M. Backs FY23 capex view of $175M-$200M and free cash flow view of over $400M. CEO Ynon Kreiz states: “Mattel’s strong third quarter performance reflects the successful execution of our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering. Consumer demand for our product increased in the quarter, and we continued to outpace the industry. Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel. We are very well positioned competitively and expect to gain market share in the fourth quarter and full year. I would like to thank the entire Mattel organization for their achievements, hard work, and commitment to create shareholder value.” Comments taken from Q3 earnings investor presentation slides.