Funko Stock Climbs On Better-Than-Expected Q4 Results
Portfolio Pulse from Erica Kollmann
Funko (NASDAQ:FNKO) reported Q4 earnings of 1 cent per share, surpassing the expected loss of 4 cents per share, with sales of $291.2 million exceeding estimates by 3.28%. Inventory levels were significantly reduced, and CFO/COO Steve Nave announced his resignation. The company has implemented a plan to cut costs and improve efficiency, expecting Q1 net sales between $214 million and $227 million, and FY 2024 sales between $1.047 billion and $1.103 billion. FNKO shares rose 12.58% in after-hours trading.
March 07, 2024 | 10:23 pm
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Funko's Q4 earnings exceeded expectations with a positive EPS and higher sales, alongside a significant inventory reduction and a CFO resignation. The company's optimistic outlook for Q1 and FY 2024 contributed to a 12.58% increase in after-hours trading.
Funko's better-than-expected Q4 results, including a positive EPS against an expected loss and higher sales, indicate strong performance and operational efficiency improvements. The significant reduction in inventory levels and the optimistic sales outlook for Q1 and FY 2024 are likely to positively impact investor sentiment and FNKO's stock price in the short term. The resignation of the CFO/COO might introduce some uncertainty, but the immediate appointment of an acting CFO could mitigate concerns.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100