‘Shrek Ever After’ delivers DreamWorks profit surge
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DreamWorks Animation Studios delivered a monstrous third quarter, posting a 103% increase in profit due to the box-office success of the fourth ‘Shrek’ film.
The Glendale-based studio earned $39.8 million, or 47 cents per share, on revenue of $188.9 million, compared with net income of $19.6 million, or 23 cents a share, on revenue of $135.4 million during the same period in 2009.
The results blew past Wall Street estimates. Analysts surveyed by Thomson Reuters had forecast a profit of 35 cents per share on revenue of $163 million.
‘Our strong third quarter was driven primarily by the box-office success of ‘Shrek Forever After,’ which has become DreamWorks Animation’s highest-grossing international release of all time,’’ said DreamWorks Chief Executive Jeffrey Katzenberg.
Although ‘Shrek Forever After’ did not perform as well as most investors had hoped in the domestic market, the third sequel made up for it overseas, generating $497 million in international ticket sales for a worldwide box-office total of $735 million.
The studio’s next release, ‘Megamind,’ comes out in the U.S. on Nov. 5.
-- Richard Verrier
