DreamWorks Animation SKG Inc., the film studio run by Jeffrey Katzenberg, reported a third-quarter profit that exceeded analysts’ estimates, driven by worldwide box-office sales of “Turbo” and “The Croods.”
Net income fell 59 percent to $10 million, or 12 cents a share, compared with $24.4 million, or 29 cents, a year earlier, the Glendale, California-based company said Tuesday in a statement. Earnings per share beat the average of break-even from 10 analysts’ estimates compiled by Bloomberg.
“The Croods,” released in March, was the sixth highest- grossing film of the year on a global basis, DreamWorks Animation said. “Turbo,” a movie about a speedy snail that was made for $135 million, had $246.2 million in worldwide ticket sales. DreamWorks Animation shares box office revenue with cinemas and its distributor 21st Century Fox.
Sales fell 17 percent to $154.5 million, compared with the $139.7 million average estimate.
© Copyright 2016 Bloomberg News. All rights reserved.