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Mattel 1st-quarter net income falls as sales of Barbie and Hot Wheels decline
EL SEGUNDO, Calif. (AP) ' Mattel says its first-quarter net income dropped 53 percent, pulled down by costs tied to an acquisition and declining sales for Barbie and Hot Wheels.
The toy maker reported on Monday that it earned $7.8 million, or 2 cents per share. That's down from $16.6 million, or 5 cents per share, a year earlier.
Excluding costs related to the HIT Entertainment acquisition, earnings are 6 cents per share.
Revenue fell 3 percent to $928.4 million as the currency exchange rate dragged on the company.
Analysts, who typically exclude one-time costs, forecast earnings of 7 cents per share on revenue of $986 million.
Mattel Inc., based in Segundo, Calif., is declaring a second-quarter dividend of 31 cents per share.