LOS ANGELES - Mattel Inc. on Monday reported a 1 percent drop in fiscal third-quarter profit, due to charges related to multiple product recalls by the world's biggest toy maker.
Its shares fell more than 2 percent in morning trading.
The El Segundo, Calif.-based company said net income for the quarter ended Sept. 30 slipped to $236.8 million, or 61 cents per share, from $239 million, or 62 cents per share, in the year-ago period. Latest-quarter results included charges of about $40 million related to the company's product recalls covering merchandise that contained lead magnets or bore lead paint.
Sales rose 3 percent to $1.84 billion from $1.79 billion a year …
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