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Funko Inc. hit $1 billion in sales in 2021, thanks to more than a quarter-billion dollars in sales of its Pop figures in the holiday season, according to an earnings report Thursday that sent shares up 18% in after-hours trading.
Funko
FNKO,
known for pop-culture-influenced bobbleheads and figurines, reported fourth-quarter profit of $11.7 million, or 28 cents a share, on sales of $336.3 million, up from $226.5 million a year ago, with $255.1 million of that revenue coming from the sales of its iconic figures. After adjusting for stock-based compensation and other effects, the company reported earnings of 38 cents a share, up from 29 cents a share a year ago.
Analysts on average had expected adjusted earnings of 24 cents a share on sales of $271.8 million, according to FactSet. After closing with a 0.1% decline at $17.80 Thursday, shares jumped to more than $21 in after-hours trading.
“We are thrilled to cap off the year with another exceptionally strong performance during the fourth quarter, enabling us to reach a milestone of more than $1 billion in annual sales,” Chief Executive Andrew Perlmutter said in a statement. “Perhaps most encouraging is that our performance remains broad-based with growth in all channels, geographies and brand categories.”
After beating expectations in the holiday quarter, Funko executives predicted the company will continue to grow beyond analysts’ expectations in 2022. Their forecast calls for sales growth of 20% to 25% this year, suggesting revenue of roughly $1.24 billion to $1.29 billion, with adjusted earnings of $1.75 to $1.91 a share. Analysts on average were predicting 2022 adjusted earnings of $1.44 a share on sales of $1.04 billion, according to FactSet.
Funko shares have gained 30.8% in the past year, as the S&P 500 index
SPX,
gained 14.8%.
