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Funko, Inc. (NASDAQ:FNKO) shares are trading lower after the company reported its second-quarter financial results Thursday. Here's a look at the details from the report.
The Details: Funko reported quarterly earnings of 10 cents per share, which beat the analyst consensus estimate of losses of 14 cents. Quarterly sales came in at $247.7 million which beat the analyst consensus estimate by 7.21% and is a 3.2% increase from the same period last year.
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“For the 2024 second quarter, net sales, gross margin and adjusted EBITDA were all above our expectations,” said Cynthia Williams, Funko’s recently named CEO.
“Our performance was primarily driven by strong demand for our core collectible products in Europe and other international markets, Pop! Yourself and Bitty Pop!, as well as solid growth in our direct-to-consumer business. Higher than anticipated margins on sales in the value channel and resulting inventory reserve relief were key contributors to our better-than-expected gross margin of 42%,” Williams added.
Outlook: Funko sees third-quarter net sales in a range of $282 million to $297 million, below the $319.22 million estimate, and earnings of between 1 cent and 6 cents per share, below the 20 cent estimate for the quarter.
FNKO Price Action: According to Benzinga Pro, Funko shares are down 1.62% after-hours at $8.50 at the time of publication Thursday.
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Image: Pete Linforth from Pixabay
Posted In: FNKO
