'Croods' Success Boosts DreamWorks' QuarterWednesday, July 31, 2013
DreamWorks Animation SKG Inc. beat analyst estimates for revenue and earnings per share in the second quarter, helped by its spring release of “The Croods.”
The Glendale animation studio reported net income of $22.3 million (26 cents a share) for the quarter ended June 30, compared with $12.8 million (15 cents) in the same period a year earlier. Revenue increased 31 percent to $213.4 million.
Analysts had forecast revenue of $190 million and earnings per share of 20 cents for the second quarter, according to Thomson Financial Network.
Contributing $71 million to the quarterly revenue was box office receipts from “The Croods. With worldwide box office of $584 million, the film is the fifth highest-grossing movie of the year, said DreamWorks Animation Chief Executive Jeffrey Katzenberg.
“We also have a great deal of momentum within our television, consumer products and location-based entertainment businesses today, as DreamWorks Animation continues to diversify and evolve into a branded family entertainment company,” Katzenberg said in a prepared release.
Shares closed up 47 cents, or 1.93 percent, to $24.76 on the Nasdaq.