Leading pop culture manufacturer Funko Inc. recently posted its earnings report for the first quarter of 2018. The company revealed that it had $0.03 for its earnings during the quarter which beat the market estimate of $0.00.
For the first quarter, the company noted a revenue rise of $137.2 million beating the estimated data of $122.61 million.
“We had another great quarter and continued to deliver strong growth and consistent results across the business. Sales in the first quarter increased 39 percent to $137 million with strong demand across the board. At a time when traditional toy companies and retailers are struggling, we believe our continued strong and consistent results are a testament to our differentiated business and operating model.” Chief executive officer Brian Mariotti said in a statement.
Gross margin of the company added 210 basis points to 37.4% in the recent quarter. This comprised the $1.8 million of costs associated to Toys R Us consignments in where no documented revenues were indicated.
Operations income also added $5.8 million to $7.2 million in the quarter whereas the full net income surged to $2.2 million which was recorded from a net loss of $5.6 million respectively.
Funko Pop! Figures on display at Gamestop. Funko is an American company that manufactures licensed pop culture collectibles.
More so, the company’s earnings per diluted share was at $0.04 during the said quarter. Additionally, the adjusted pro forma net income of Funko noted a $1.7 million record whereas their adjusted pro forma earnings per diluted share was at $0.03. Lastly, adjusted EBITDA for the quarter was $17.5 million as reported.
“Our business is not hit driven, but rather, a balanced mix of evergreen back catalog content and newly released content across movies, television, video games, music and sports. With the globalization of content and the worldwide recognition of our products and Pop! brand, we are seeing growing demand for our products around the globe and could not be more excited about our future.” Mariotti added.
Shares of Funko Inc. indicated a strong bearish movement that made it overbought since the beginning of the month. Regardless of it possibly remaining flat in its current direction, a buy would still be advised. That is because no signs of potential openings for bearish trends have been indicated.
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