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EL SEGUNDO, Calif. - Mattel, Inc. (NASDAQ: MAT), the global leader in toy manufacturing, announced that its Chief Financial Officer, Anthony DiSilvestro, will retire on May 15, 2025. The company has launched a comprehensive search to find a new CFO with the assistance of a top executive search firm. DiSilvestro will continue to serve as an advisor until August 15, 2025, to ensure a seamless transition. The announcement comes as Mattel maintains a strong financial position, with InvestingPro data showing healthy liquidity metrics and a current ratio of 2.45.
DiSilvestro's tenure as CFO, which began in August 2020, coincided with a period of significant financial improvement for Mattel. Under his financial leadership, the company not only achieved an investment-grade rating but also realized over $400 million in cost savings through enhanced efficiency and optimized operations. The company's financial strength is reflected in its trailing twelve-month revenue of $5.35 billion and a favorable P/E ratio of 11.25. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
Ynon Kreiz, Mattel's Chairman and CEO, acknowledged DiSilvestro's contributions, stating, "Anthony has played a key role in steering Mattel to achieve its strongest financial position in many years." He credited DiSilvestro with aiding in Mattel's transformation into a high-performing, intellectual property-driven toy company.
In his statement, DiSilvestro reflected on his time at Mattel, expressing pride in the company's accomplishments and confidence in its strategy for creating long-term shareholder value. He conveyed his anticipation for Mattel's continued success post-retirement.
Mattel is renowned for its portfolio of iconic franchise brands, including Barbie®, Hot Wheels®, Fisher-Price®, and American Girl®. The company, founded in 1945, has a longstanding reputation as a trusted partner in childhood exploration and development.
This announcement is based on a press release statement from Mattel, Inc. It is important to note that forward-looking statements in the press release are subject to various risks and uncertainties. These include economic conditions, market demand, and other factors that could affect Mattel's future results.
In other recent news, Mattel Inc (NASDAQ:MAT). reported mixed results in its third quarter earnings call, with a 4% year-over-year decrease in net sales, which totaled $1.84 billion. However, the company saw improvements in adjusted gross margin, EBITDA, and EPS, attributed to supply chain efficiencies and share buybacks. Despite the decline in sales, the company remains optimistic about its market share gains and strong holiday season, with a focus on Vehicles and Fisher-Price growth.
In other developments, Mattel's stock experienced an increase following a "strong" Black Friday performance. The company also expressed confidence in its growth prospects for the fourth quarter and reaffirmed its commitment to meeting the full-year guidance. However, Mattel still anticipates a decline in the toy industry in 2024, albeit a smaller decrease than initially expected.
Looking ahead, Mattel's strategy includes adjusting pricing to counteract the impact of tariffs and reducing its reliance on China for product sourcing. By 2027, the company plans to ensure that no single country accounts for more than 25% of its sourcing. In terms of capital allocation, the company's priorities include investing to fuel organic growth, maintaining an investment-grade rating, exploring strategic mergers and acquisitions, and executing share buybacks.
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