Marvel down for Q2 but beats Street
Tough year-on-year comparisons, but posted $29 mil profitNEW YORK -- Marvel Entertainment on Tuesday reported a lower second-quarter profit on tough year-ago comparisons, but the results beat Wall Street expectations.
It raised the low end of its full year 2009 guidance for revenue, profit and earnings per share citing "stronger than anticipated operating performance in the first half of 2009."
The superhero powerhouse posted a quarterly profit of $29 million, down from $46.7 million in the year-ago period. Revenue fell from $156.9 million to $116.3 million.
The decline came due to tough year-ago comparisons in licensing revenue due to strong "Iron Man" and "The Incredible Hulk" feature films business and licensing associated with "Spider-Man 3." The current quarter's film results were mainly driven by initial "Iron Man" pay-TV window sales, as well as DVD sales.