‘Madagascar 3′ Helps DreamWorks Animation To Slam Past Q3 Forecasts
DreamWorks Animation shares jumped about 4% in after hours trading, but then retreated to +1%, following a Q3 report that handily exceeded the Street’s expectations. The company reported net income of $29.4M, +24.4% vs the period last year, on revenues of $186.3M, +15.9%. Revenues were way ahead of the consensus forecast of $139.4M. And earnings per share, at 29 cents, topped predictions for 11 cents. The studio says that much of its strength came from worldwide box office sales for Madagascar 3: Europe’s Most Wanted, which contributed $47.1M to the quarter’s revenues. In addition, Puss In Boots added $44.8M from domestic and overseas pay TV. Kung Fu Panda 2‘s international pay TV sales kicked in $9M. DreamWorks Animation also says that it saw $4M from home video sales at Classic Media, which it acquired at the end of August. CEO Jeffrey Katzenberg notes that Madagascar 3 is the fifth highest grossing film for the year based on global sales. “We are looking forward to the next major event film for the Company during the fourth quarter, the November 21st theatrical release of Rise Of The Guardians,” he says.
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