Mattel Jumps Amid Sales Growth, Whistleblower Resolution
- Company will restate earnings for last two quarters of 2017
- CFO Joe Euteneuer will leave company after transition
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Mattel Inc.’s turnaround had been overshadowed this year by two big hurdles -- a lack of consistent sales growth and an internal probe into its accounting practices. The toymaker overcame both of these issues on Tuesday, sending shares soaring.
Revenue, powered by robust gains from Barbie and Hot Wheels, rose 3.1% to $1.48 billion, topping analysts’ estimates, which called for a small decline. That gain was the biggest since 2013.