Funko Reports 2023 Fourth Quarter Full Year Financial Results
Confounded Analyst Expectations With A Surprise Profit
Funko Inc., a leading pop culture lifestyle company, reported its financial results for the fourth quarter and full year of 2023 on Thursday, pleasantly surprising analysts with a surprise profit after swinging from a net loss of nearly 76 million the previous year.
Key Financial Highlights:
- Net sales increased 16.1% to $291.2 million.
- Gross margin held steady at 37.6%.
- Adjusted EBITDA surged by 52.1% to $67.9 million.
- Net income reached $27.7 million, compared to a net loss of $75.8 million in 2022.
Funko's strong performance was driven by increased demand for its licensed pop culture products, such as Funko Pops, Loungefly bags, and Funko Mystery Minis. The company also benefited from cost-cutting measures and a strategic focus on its core business.
Outlook for 2024:
Funko remains optimistic about its growth prospects in 2024. The company expects to continue to drive sales through new product launches, licensing partnerships, and international expansion. Analysts predict that earnings per share will grow from $0.27 to $0.39.
Funko's financial report has been well-received by investors, with the company's stock price rising in after-hours trading. The positive results demonstrate the company's resilience in a challenging economic environment and its ability to capitalize on the enduring popularity of pop culture products.
Sources:
- Funko Reports 2023 Fourth Quarter Full Year Financial Results
- Funko Q4 2023 Earnings Call Transcript
- Funko Reports Strong Q4 2023 Results
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