DreamWorks Animation Quarterly Earnings Impress
Wall Street didn't react to the positive financial report, given the company is being acquired by Comcast.
DreamWorks Animation rather quietly reported impressive quarterly financial results on Wednesday, though the stock didn't budge, given the company behind Shrek and Kung Fu Panda is in the midst of being acquired by Comcast.
The company, run for now by CEO Jeffrey Katzenberg, posted revenue of $221 million while Wall Street analysts had predicted just $182 million. Operating income of $16 million easily beat projections of a loss of $3 million; ditto for per-share earnings, which came in at 10 cents while estimates were for a loss of 7 cents.
All four of the company's segments reported a gross profit, and they all showed significant growth in revenue: feature films revenue was $98 million, up from $88 million; television series and specials was $72 million, up from $55 million; consumer products was $23 million, up from $12 million; and new media grew to $28 million from $15 million.
Shares of DWA were falling a penny in midday trading to $40.99. Comcast said in April it had agreed to purchase the company for $3.8 billion, and regulators are expected to approve the deal.