Pixar Animation Studios ( PIXR) posted a drop in first-quarter profit Wednesday but beat expectations.

The company reported a profit of $8.2 million, or 15 cents a share, compared with $15.6 million, or 30 cents a share, in the year-earlier quarter. Analysts, on average, had projected earnings of 11 cents a share.

Revenue was $18.7 million, compared with $37.1 million in the year-earlier period.

Film revenue for the period was $16.4 million, which primarily came from Monsters, Inc. domestic pay-television licensing, as well as worldwide home-video sales from Pixar's library titles. In the year-earlier period, revenue was driven by international box office receipts from Monsters, Inc. Pixar noted that it is due to release the film Finding Nemo in 23 days.

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