Mattel Inc.’s second-quarter net income has jumped by 56%, thanks in part to toys based on Cars 2.
The largest United States toy maker said last Friday that sales of play sets and cars connected with Pixar-Disney’s latest film are selling even more than Toy Story 3 playthings did when they came out last year.
Although toys tied into movies are usually good sellers, Mattel says that this has been especially true summer. Sales of Cars 2 toys helped revenue in Mattel’s entertainment division rise by 41%.
“While the second quarter is typically all about the big entertainment properties, and certainly Cars 2 was big for us, our global portfolio of core brands is also fueling momentum,” CEO Robert Eckert said in a call with analysts.
For the three months ending June 30, Mattel’s net income rose to $80.5 million (23 cents per share). Analysts had predicted adjusted net income of 16 cents per share, according to Fact Set.
Revenue rose 14% to $1.16 billion from the same period last year. Analysts had expected revenue of $1.1 billion.
In the United States, revenue rose 7%; international sales went up by 23.
“Despite the mixed economic news, I am encouraged by our strong operating results and continue to believe we are well positioned for the all-important second half of the year,” said Eckert.
Disney Princess toy lines did well, driven by sales of dolls, accessories and play sets based on the animated feature film Tangled, which came out on DVD in several countries in the second quarter.
However, sales of Hot Wheels-themed toys weren’t so hot, dropping by 2%. Mattel said business probably fell due to sales of Cars 2 toys.
Mattel is now working on toys connected to the Disney/Pixar feature film Brave, due for release next June. Brave is about a Scottish princess and archer. It’s also developing toys connected with Disney’s animated Planes, to be released on Blu-ray and DVD in the spring of 2013.
Mattel share rose 50 cents (1.9%) last Friday to close at $27.28.