DreamWorks Animation SKG Inc. late Tuesday reported that better-than-expected box office performance of “Kungfu Panda 2” boosted its second quarter revenue above analysts’ estimates.
After the Tuesday markets closed, the Glendale film studio reported net income of $34.1 million (40 cents per share), compared with $24 million (27 cents) a year ago. Revenue rose 38 percent to more than $218 million.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 40 cents on revenue of $198 million.
“Kungfu Panda 2,” which was released May 26, contributed $55.8 million to the quarter from its worldwide box office, as well as merchandise and other licensing deals. DreamWorks said it expects the home video version of the movie to contribute to third quarter results as well.
"Kung Fu Panda 2 is currently the fifth highest-grossing film of 2011 on a global basis and has exceeded $600 million at the worldwide box office to date," Chief Executive Jeffrey Katzenberg said in a statement.
The company also benefited from sales of TV rights to three films, including “How to Train Your Dragon.”
Shares earlier closed down 47 cents, or 2 percent, to $21.57 on the Nasdaq, but rose 4 percent in after-market trading.
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