Pixar Animation Studios (PIXR) easily beat analysts' earnings expectations, posting fourth-quarter profits more than double what the company earned in the previous quarter, mainly because of the success of the film Monsters, Inc.
The film producer earned $13 million, or 25 cents a share, down from $35.2 million, or 71 cents a share, in the year-ago quarter, which saw the video release of Toy Story 2 boost sales. In the latest third quarter, the company earned $6.2 million, or 12 cents a share. Analysts had been expecting 18 cents a share in the fourth quarter, according to Thomson Financial/First Call.
Revenue dropped to $26.1 million from $75.7 million in the year-ago period, but rose from $11.3 million in the previous quarter.The company forecast full-year earnings of $1 to $1.20 a share, while analysts are expecting $1.16.