DreamWorks Animation Q1 Earnings Beat Analyst Forecasts

DAVID LIEBERMAN, Executive Editor
DreamWorks Animation Q2 Surges Behind Success Of ‘The Croods’

Shares are up 4.3% in post-market trading after the studio reported that The Croods and library titles helped it to generate Q1 numbers far ahead of Wall Street’s expectations. DreamWorks Animation had net income of $6.1M, -32.6% vs the period last year, on revenues of $134.6M, +1.1%. Revenues were well ahead of the $99.4M consensus forecast. And earnings at 7 cents per share beat projections for 3 cents. The company says that The Croods, released on March 22, accounted for $4M in Q1 revenue. Rise Of The Guardians kicked in $9.6M, mostly from home entertainment, while video sales of Madagascar 3: Europe’s Most Wanted added $22.8M and Puss In Boots added $7.5M. Classic Media properties added $27.9M. DWA says that it has spent $25M so far this year to repurchase 1.3M shares, and is authorized to spend an additional $100M. CEO Jeffrey Katzenberg thanked Fox, his company’s new distribution partner, for helped to get 2013 “off to an outstanding start.” COO Ann Daly adds that the studio “made great strikes to advance a number of key growth initiatives in the areas of franchise-building, consumer products, television and location-based entertainment.”

Related: DWA Chief Talks Up Possible TV Programming Initiatives

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