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Strong sales of Barbie, 'Cars 2' toys help Mattel's 3rd-quarter net income rise 16 percent
EL SEGUNDO, Calif. (AP) ' Toy maker Mattel says strong sales worldwide of its iconic Barbie brand and "Cars 2" toys helped third-quarter net income rise nearly 16 percent.
The Barbie doll has been a strong seller for the largest U.S. toy company for the past two years. Barbie sales rose 17 percent worldwide.
The company says net income rose to $300.8 million, or 86 cents per share. That compares with $283.3 million, or 77 cents per share last year. Earnings matched analyst expectations, according to a FactSet poll.
Revenue rose 9 percent to nearly $2 billion. Analysts expected $1.97 billion.
Mattel also increased its share buyback program by $500 million.
Mattel is based in El Segundo, Calif.