Funko continued the momentum built throughout the year in the second quarter, as the Everett, Wash. maker of the Pop! figurines blew away analyst expectations and issued a more optimistic outlook for the rest of the year.
Revenue: Funko reported revenue of $191.2 million in the second quarter, a 38 percent spike. That crushed analyst expectations of $170.69 million, or 23 percent growth.
Funko attributed the rapid growth to its continued push to license as many pop culture properties for Pop! figurines as possible, including new additions such as a collection for the third season of Stranger Things.
International growth played a major role in the quarter, and it now makes up more than half of the company’s overall mix. International sales spiked 65 percent to $68.5 million, while U.S. revenue grew 26 percent to $122.7 million.
Profit: Adjusted net profits more than quadrupled over the prior year in the second quarter to $12.9 million, or $0.25 per share. Those numbers also nearly doubled the $0.13 per share that analysts expected.
Looking ahead: Thanks to the strong results, Funko raised its full-year expectations to a range of $840 million to $850 million, up from projections of $810 million to $825 million issued last quarter.
“Our strong results in the first half of 2019 have allowed us to increase our guidance for the full year,” CEO Brian Mariotti said in a statement. “More importantly, the growing range of opportunities for revenue growth, international expansion and entry into new categories make us confident that our best days lie ahead, and that our fans, partners, employees and shareholders can look forward to the future.”
Funko stock is up 3 percent in after-hours trading. Shares in the company have risen 68 percent so far this year.
