Funko Inc. hit $1 billion in sales in 2021, boosted by more than a quarter of a billion dollars in sales of its Pop figures during the holiday season, according to an earnings report on Thursday that sent shares soaring 18% in after-hours trading.
known for its pop culture-influenced action figures and figurines, reported fourth-quarter earnings of $11.7 million, or 28 cents a share, on sales of $336.3 million, compared to $226.5 million dollars a year ago, including $255.1 million from sales of its iconic characters. After adjusting for stock-based compensation and other effects, the company reported earnings of 38 cents per share, compared with 29 cents per share a year ago.
Analysts on average had expected adjusted earnings of 24 cents per share on sales of $271.8 million, according to FactSet. After closing 0.1% lower at $17.80 on Thursday, shares jumped to over $21 in after-hours trading.
“We are delighted to end the year with another exceptionally strong performance in the fourth quarter, driving us to a milestone of more than $1 billion in annual sales,” chief executive Andrew Perlmutter said in a statement. communicated. “Perhaps most encouraging is that our performance remains broad-based with growth across all channels, geographies and brand categories.”
After beating expectations during the holiday quarter, Funko executives predicted that 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 about $1.24 billion to $1.29 billion, with adjusted earnings of $1.75 to $1.91 per share. Analysts on average had expected adjusted earnings of $1.44 per share for 2022 on sales of $1.04 billion, according to FactSet.
Funko shares have gained 30.8% over the past year, as the S&P 500 SPX Index,