August 3 2016
Kung Fu Panda 3” helped kick DreamWorks Animation into the black during the second quarter, the Glendale-based studio said Wednesday.
DreamWorks Animation, which is preparing to be acquired by Comcast Corp., reported $2.3 million, or 3 cents a share, in profit for the three months ended June 30. That compares with a $38.6-million loss during the same period of time last year.
The company’s earnings easily exceeded the expectations of Wall Street analysts, who had projected a quarterly loss of 6 cents.
Total revenue grew 30% over last year to $220.9 million, driven by sales increases from segments including feature films, television and consumer products. Analysts had expected sales of $189.9 million.
DreamWorks Animation stock didn’t budge in Wednesday’s trading on Wall Street, remaining at $40.99 a share.
Comcast’s NBCUniversal announced in late April that it would buy Jeffrey Katzenberg’s studio for $3.8 billion, to capitalize on characters and stories including “Shrek” and “Madagascar.” After the deal closes, Katzenberg will step down as chief executive and become chairman of DreamWorks New Media, comprising the company’s stakes in Awesomeness TV and NOVA.
Total film revenue grew 11% to $97.8 million, thanks to the performance of Jack Black’s “Kung Fu Panda 3,” which was released in January and posted strong box-office, especially in China. The computer-animated comedy sequel contributed $31.5 million to DreamWorks Animation’s revenue during the quarter.
Sales from television shows and specials surged 31% to $71.8 million, while consumer products revenue almost doubled to $23.4 million.