Shares of Funko (NASDAQ:FNKO) were still rocketing in pre-market trade Friday after the figurine maker zipped past Wall Street’s revenue and profit estimates in the fourth quarter thanks to robust demand for its bobble-head-like figures.
In its latest quarter, the Everett, Washington-based company posted net income of $6 million, up from $5.6 million in the year-ago quarter. On an adjusted basis, its earnings per share came in at $0.44 per share on sales of $233.2 million. These figures crushed the estimate of $0.34 per share on sales of $198.22 million, which analysts had called for.
Investors appeared impressed, sending Funko shares up 16.6% to $23.20 before the open on Friday.
“In order to better serve our retail customers and our fans, we consciously made in-quarter decisions to better meet the strong demand we saw for our products,” said Funko CEO Brian Mariotti in a statement. "Some of these decisions reduced our gross margin, but allowed us to enlarge our market and satisfy better-than-expected demand for our products."
Looking ahead, Funko expects full-year sales to fall in the range of $810 million to $825 million and its adjusted per-share earnings to range from $1.05 to $1.15.
While Funko is best known for its assortment of bobblehead-like figures based on pop culture characters, it also offers action figures, plush toys, accessories and homewares.
The company plans to open a store on Hollywood Boulevard in Los Angeles later this year.
Contact Ellen Kelleher at [email protected]
-- updated with Friday's share price movement --