Despite a big boost from
Shrek the Third
delivered profits and revenue for its third quarter that missed Wall Street's expectations.
The Hollywood cartoon company said it earned $47 million, or 47 cents a share, up from the $10.5 million, or 10 cents a share, it recorded for the same quarter last year. The latest quarter's results included a tax gain that increased net income by $3.9 million, or 4 cents a share.
Excluding the one-time benefit, DreamWorks had earnings of 43 cents a share, missing expectations for earnings of 44 cents a share, based on the average analyst estimate reported by Thomson First Call.
The company's revenue almost tripled from last year to $160.8 million, of which $92.1 million came from the third installment of its smash-hit franchise, Shrek -- the loveable green ogre with the voice of former
Saturday Night Live
star Mike Myers.
The top-line performance also fell short on Wall Street, where analysts projected revenue of $165.6 million.
"We are extremely pleased with the theatrical results of
Shrek the Third
-- especially with its performance overseas, where it has nearly equaled the box office success of
," said Jeffrey Katzenberg, CEO of DreamWorks Animation, in a press release.
The company reiterated its projection that fourth-quarter revenue will be primarily driven by the home video performance of "Shrek the Third," which will be released on DVD in the U.S. Nov. 13.
DreamWorks' next film,
with comic legend Jerry Seinfeld, opens domestically on Nov. 2, and its first-ever televised holiday special, Shrek the Halls, will debut on
network on Nov. 28. The TV special isn't expected to affect the company's fourth-quarter financial results.
DreamWorks announced that it has slated as its fall 2010 theatrical release a superhero send-up acquired under the working title of
. The film will be produced by Lara Breay and Denise Nolan Cascino from Red Hour Films, Ben Stiller's production company.
Shares of DreamWorks were trading down a penny in after-hours trading to $32.52 after closing up 1.5% in the regular session.