WASHINGTON (dpa-AFX) - DreamWorks Animation SKG, Inc. (DWA) said Thursday after the markets closed that its third quarter profit rose 24% from last year, driven by the blockbuster international box office success of 'Madagascar 3: Europe's Most Wanted.'
The company's quarterly earnings per share breezed past Wall Street expectations as did its quarterly revenue.
Jeffrey Katzenberg, Chief Executive Officer of DreamWorks Animation, said, '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.'
DreamWorks shares are currently gaining 1.41% in after hours trading after closing the day's regular trading session at $20.61, up 20 cents. The shares trade in a 52-week range of $16.34 to $21.73.
The Glendale, California-based company reported net income for the third quarter of $24.4 million, or $0.29 per share, compared to $19.7 million, or $0.23 per share, for the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.11 per share for the third quarter.
Total revenue for the third quarter rose 16% to $186.30 million from $160.76 million in the same quarter last year. Eight analysts had a consensus revenue estimate of $139.44 million for the third quarter.
Madagascar 3: Europe's Most Wanted contributed about $47.1 million of revenue to the quarter. The film, which was released in June, has grossed over $216 million at the domestic box office and approximately $503 million at the international box office to date.
Puss In Boots contributed $44.8 million of revenue to the quarter, driven primarily by domestic and international pay television. Kung Fu Panda 2 contributed $9.0 million of revenue to the quarter, driven primarily by international pay television.
DreamWorks said it expects its fourth quarter results to be driven mainly by the continued performance of Madagascar 3: Europe's Most Wanted in the international box office as well as the global home video market. The theatrical release of Rise of the Guardians on November 21 is also expected to contribute to the company's fourth quarter results.
Copyright RTT News/dpa-AFX
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