“Kung Fu Panda 3” boosts DreamWorks Animation Q1 revenues

PanARMENIAN.Net - DreamWorks Animation enjoyed a big boost in the last three months of this year, reporting $190.4 million in revenue that exceeded Wall Street expectations, TheWrap reports.

With a revenue gain of nearly 15 percent year over year, the company was helped by successes in its television series and specials, consumer products and new media units.

The company beat expectations by nearly $8 million, as analysts expected a revenue of just $182.6 million.

DreamWorks also blew away analyst expectations who predicted a profit of one 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.

Gains were made largely off lucrative licensing and distribution deals, for example the home releases of “The Penguins of Madagascar” and “How to Train Your Dragon 2.“

While “Kung Fu Panda 3” brought in solid revenues of $30.9 million for the quarter, the company’s film segment revenues were down 27 percent overall. DreamWorks Animation films made only $94.3 million in revenue in the first quarter of 2016, compared with $128.7 million made during the same period a year ago.

Shares dropped .09 percent to $39.75 in after hours trading. DreamWork’s stock has dramatically risen more than 63 percent this year, spiking around the April 28 news that Comcast is acquiring the company for $3.8 billion.

“I am happy to report another strong quarter of financial results, which I believe reflect continued execution on our strategy of transitioning DreamWorks Animation into a global family entertainment company,” CEO Jeffrey Katzenberg said in a statement on Thursday. “I’m excited to be passing the baton to Comcast, as I know they will continue to build on the foundation we’ve established over the past 22 years.”