‘Kung Fu Panda 3’ Continues to Kick Up DreamWorks Animation Revenues in Q2

Company beats expectations in advance of acquisition by Comcast

Last Updated: August 3, 2016 @ 3:35 PM

DreamWorks Animation beat expectations on Wednesday when the company filed its second quarter earnings ahead of its pending merger with Comcast.

The company made $220.9 million in revenue, representing a 29 percent gain compared to a year ago, when it reported a revenue of $170.8 million.

A good portion of Q2 revenue came from DreamWorks’ feature films distribution arm, with the continued success of “Kung Fu Panda 3.”

On an adjusted basis, DreamWorks reported a profit of 13 cents per share, the company told TheWrap. (This figure does not appear in the company’s Q2 filing.) That’s better than the 7 cent per-share loss that analysts, on average, were expecting. Unadjusted, Q2 ushered in a profit of $1.4 million, or 3 cents per share, for the company.

Analysts also predicted a significantly lower revenue of $182.11 million.

DreamWorks’ stock has risen by more than 95 percent in the past year, spiking dramatically in late April when the deal with Comcast was first announced.

Shares of the animation company’s stock remained virtually unmoved, dropping slightly by .01 percent to $40.98.

The company enjoyed a big boost in Q1, too, reporting $190.4 million in revenue that exceeded Wall Street expectations.

With a revenue gain of nearly 15 percent year over year in Q1, the company was helped by successes in its television series and specials, consumer products and new media units as well as from lucrative licensing and distribution deals, for example the home releases of “The Penguins of Madagascar” and “How to Train Your Dragon 2.”

DreamWorks beat expectations in Q1 by nearly $8 million, as analysts expected a revenue of just $182.6 million.

The company also blew away analyst expectations in Q1, who predicted a profit of 1 cent per share. Instead, the company reported a profit of $13.8 million, or 16 cents a share — swinging from a year-earlier loss of $54.8 million, or 64 cents a share.

Keep
Reading...

Looks like you’re enjoying reading
Keep reading by creating
a free account or logging in.