Mattel (NASDAQ: MAT) reported Q1 EPS of ($0.10), $0.25 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $874 million versus the consensus estimate of $684.19 million.

Ynon Kreiz, Chairman and CEO of Mattel said: “This was another record quarter for the company, with truly exceptional results reflecting the success of the turnaround, as we continue to drive transformational improvements and acceleration in our business. Following the third consecutive quarter of growing market share, we are strengthening our position as a consistent leader in the toy industry. We believe we are very well-positioned to improve profitability and accelerate topline growth in 2021 and beyond.”

Mr. Kreiz continued: “Even as markets gradually reopen, we remain focused on protecting the health and safety of our employees. I am proud of the outstanding performance of the entire Mattel global team and the significant progress we are making on our strategy to transform into an IP-driven, high-performing toy company. While growth this quarter was partially driven by year-over-year COVID-related comparisons, we believe our outstanding results, overall, are attributable to the strength of our brands, quality and breadth of our product, world-class supply chain, global commercial capabilities, and very effective demand creation in close collaboration with our retail partners.”

Anthony DiSilvestro, CFO of Mattel said: “Mattel delivered another outstanding quarter, and we are very pleased with our start to the year. Free Cash Flow improved significantly along with our Free Cash Flow Conversion rate, leverage ratio continues to come down, and the debt refinancing provides additional flexibility as we continued to make further progress towards our strategy to improve profitability and accelerate topline growth. We believe we are well-positioned to gain momentum for the full year. We are revising 2021 guidance to reflect our stronger-than-anticipated first quarter performance and updated outlook for cost inflation.”

For earnings history and earnings-related data on Mattel (MAT) click here.