Funko reports slightly lower net income on higher revenue

Published 1:30 am Thursday, November 8, 2018

EVERETT — Funko Inc., the pop-culture consumer products company headquartered in Everett, on Thursday reported that net income in the third quarter fell 2 percent to $8.1 million, or 8 cents per share, from a year ago.

The company began trading under the ticker symbol FNKO in about a year ago on the Nasdaq market.

Funko’s net revenue for the third quarter, which ended Sept. 30, rose 24 percent to $176.9 million, compared with $142.8 million during the same period a year ago, according to documents filed with the U.S. Securities and Exchange Commission.

Net income decreased to $8.1 million from $8.26 million during the same period a year ago.

“Our strong portfolio of properties and products, and our growing network of retail partners allowed us to achieve very strong third quarter growth in sales,” said Brian Mariotti, Funko’s CEO, in a news release. “We have delivered great results in every quarter since our IPO (initial public offering) last year, despite a retail landscape that companies in the toy industry have described as challenging.”

Mariotti added that the company is “excited about the early performance of recently launched licenses and categories” and looks forward to 2019, “which looks to be a banner year for pop-culture content, and one in which we plan to continue to expand into new categories.”

Funko also raised its guidance for 2018.

The company expects sales this year to be about $645 million to $650 million. That’s up from August guidance, when the company predicted 2018 sales in the range of $620 million to $630 million.

In mid-2017, the company moved its headquarters to downtown Everett from Paine Field.

Funko makes figurines of pop-culture characters from Marvel to DC Comics to Disney, as well as stuffed animals, decor and housewares.

Funko’s stock fell 1.02 percent on Thursday, closing at $19.95 a share.