Mattel Inc. still has game.
Shares of the toy maker — which is undergoing a restructuring plan — surged nearly 15% in after-hours trading Tuesday after it reported third-quarter results that breezed past Wall Street analysts’ estimates.
Adjusted for one-time items, the toy maker said it earned 26 cents a share, compared with 18 cents a share a year ago.
Revenue rose to $1.48 billion from $1.438 billion a year ago. Hot Wheels toys drove a 13% jump in worldwide gross sales for vehicles to $346.9 million.
Analysts surveyed by FactSet had expected adjusted earnings of 16 cents a share on revenue of $1.43 billion.
In the run-up to its results, Mattel’s stock had dipped 9% since mid-October.
Hasbro Inc. HAS, +2.07% reported third-quarter results last week, blaming the trade war with China for its earnings misfire in its fiscal third quarter.
Mattel’s turnaround game plan has succeeded of late despite continued declines in brands like American Girl and Fisher-Price.
In July, Mattel reported a narrower quarterly loss and sales that topped Wall Street views, sending its shares up 6%. Mattel benefited from an expanded licensing deal with Walt Disney Co. DIS, -0.80% for Pixar film characters, and strong performances from product lines such as Barbie and Hot Wheels.
Mattel shares are up nearly 5% this year. The S&P 500 index SPX, -0.08% has gained 21% this year.