Reuters: Global Markets: DreamWorks profit nearly doubles on 'The Croods' success

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DreamWorks profit nearly doubles on 'The Croods' success Jul 31st 2013, 20:51 Wed Jul 31, 2013 4:51pm EDT (Reuters) - DreamWorks Animation SKG Inc's (DWA.O) quarterly profit nearly doubled due largely to the worldwide success of its animated hit "The Croods", sending its shares up 6 percent after the bell. The movie, which tracks a prehistoric family's road trip and features the voices of Nicolas Cage and Ryan Reynolds, has raked in nearly $584 million to become the fifth-highest grossing move of the year, DreamWorks Chief Executive Jeffrey Katzenberg said. "The Croods" was released on March 22 and DreamWorks had said most of its share of the ticket sales would be recorded in the second quarter. More than two-thirds of box-office takings have come from outside the United States. The movie's success helped to reverse the poor box-office performance of DreamWorks' previous release, "Rise of the Guardians", which resulted in the company writing down $165 million in a loss-making first quarter. DreamWorks said on Wednesday that it expects its third-quarter results to be driven by worldwide pay television revenue for "Rise of the Guardians" and international free television for "Kung Fu Panda 2". The company had earlier said that third-quarter results would be driven by its latest animated feature film, "Turbo". Net income surged 73 percent to $22.2 million, or 26 cents per share, in the second quarter, from $12.8 million, or 15 cents per share, a year earlier. Revenue rose 31 percent to $213.4 million. "The Croods" contributed $71.8 million of revenue in the second quarter. Analysts were looking for earnings of 20 cents per share, on revenue of $189.7 million, according to Thomson Reuters I/B/E/S. DreamWorks shares, which have risen about 26 percent in the last three months, closed on the Nasdaq on Wednesday at $24.76. (Reporting by Chandni Doulatramani in Bangalore; Editing by Saumyadeb Chakrabarty and Robin Paxton) Link this Share this Digg this Email Reprints

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