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Monday, May 23, 2022

‘Dragon 2’ Helps DreamWorks Beat Estimates

DreamWorks Animation SKG Inc. posted solid numbers in the third quarter helped by the box office of summer release “How to Train Your Dragon 2” and beating analyst estimates on earnings even as it nearly matched on revenue. The Glendale entertainment company reported net income of $11.9 million (14 cents a share), compared with $10.1 million (12 cents) in the same period a year earlier. Revenue increased by 17 percent to $181 million. Analysts on average expected net income of 8 cents on revenue of $183 million, according to Thomson Financial Network. The second film in the “Dragon” franchise, released in mid-June, contributed $74.2 million in revenue. “The blockbuster performance of ‘How to Train Your Dragon 2’ has reached over $615 million at the worldwide box office to become the highest-grossing animated film of the year,” DreamWorks Animation Chief Executive Jeffrey Katzenberg said in a prepared statement. A highlight during the quarter was a report that DreamWorks was an acquisition target of Japanese investment firm SoftBank Corp. in Tokyo. The discussions between the two companies, however, did not produce a deal Shares closed down 46 cents, or about 2 percent, to $23.29 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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