Mattel beat Wall Street’s first-quarter forecast by a wide margin, announcing a 19% increase in total revenue to $1.041 billion and adjusted earnings per share of 6 cents.

Even before the results were released after the close of trading, Mattel stock was surging following reports of preliminary talks with two private equity firms. Shares ended the day at $24.49, up 11%.

In the earnings release, CEO Ynon Kreiz said all-time highs for the first quarter were set for net sales, operating profit and EBITDA. This is the seventh consecutive quarter of growth for the company. “These results are in line with our strategy to grow Mattel’s IP-based toy business,” he said. “After completing our turnaround in 2021, we are firmly in growth mode and operating as a successful, IP-based toy company.”

Film and television projects are at the heart of the evolution strategy that Kreiz, a media veteran, has implemented. Just yesterday, Warner Bros. announced a release date for the first of 14 planned films based on Mattel properties: Barbie. The Greta Gerwig/Margot Robbie collaboration will be released next July.

Along with the quarterly figures, Mattel reiterated its guidance for 2022 and 2023.

The Wall Street Journal and Bloomberg were among those reporting yesterday that Apollo Global Management and L Catterton had both held preliminary talks with Mattel. The company declined to comment when requested by Deadline. People familiar with the conversations said they were not from Mattel trying to sell itself to investors. An injection of private funding would likely result in the company being delisted.