Mattel (MAT) Misses Q3 EPS by 50c, to Suspend Dividend
Mattel (NASDAQ: MAT) reported Q3 EPS of $0.09, $0.50 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $1.56 billion versus the consensus estimate of $1.82 billion.
The Board of Directors determined to suspend the Company\'s quarterly dividend beginning in the fourth quarter of 2017 in order to increase financial flexibility, strengthen the balance sheet and facilitate strategic investments. The suspension of the quarterly dividend, which was previously $0.15 per share, is expected to result in additional liquidity of approximately $50 million per quarter.
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