DreamWorks Animation SKG reported better-than-expected revenue and net income, based on the success of the latest Shrek movie.
The Glendale animation studio reported third-quarter net income of $40 million (47 cents per share) up from $20 million (23 cents per share) for the same quarter in 2009. Analysts surveyed by Thomson Reuters expected earnings of 35 cents per share for the most recent quarter.
Revenue for the quarter totaled $190 million compared with $135 million in last year’s third quarter.
“Our strong third quarter was driven primarily by the international box office success of ‘Shrek Forever After,’ which has become DreamWorks Animation’s highest grossing international release of all time,” Chief Executive Jeffrey Katzenberg said in a statement.
During the fourth quarter, the company expects strong revenue from the home video release of “How to Train Your Dragon,” “Shrek Forever After” and a compilation of all four Shrek films.
Dreamworks announced its quarterly results after the close of financial markets on Tuesday. In after hours trading, the company’s shares gained 75 cents or 3 percent to reach $34.36 per share.
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