Pixar Animation Studios Inc. Thursday reported a US$10.4 million profit on higher year-over-year revenues, beating expectations of analysts polled by Thompson/First Call. Pixar also said it would raise its full year guidance to $1.25 – $1.35 from he previous guidance of $1.15 – $1.25.
Pixar’s $10.4 million profit, or $0.20 per diluted share, compares to $8.8 million, or $0.17 per diluted share, achieved in the year-ago quarter. Revenues for the quarter were $22.8 million, as compared to $16.7 million in the year-ago quarter.
Analysts polled by Thompson/First Call expected earnings of 8 cents to 17 cents per share, with the consensus forecast of 11 cents per share.
For the six months ended June 29, 2002 the company reported revenues of $59.9 million, compared to $32.8 million for the six months ended June 30, 2001. Earnings for this year’s six-month period were $26.1 million, compared to $17.0 million for the prior year’s six months. Diluted earnings per share were $0.50 as compared to $0.33 for the respective six-month periods.
“Pixar is firing on all cylinders,” said Pixar CEO Steve Jobs. “Our results this quarter reflect the outstanding performance of Monsters, Inc., which is poised to continue with its domestic home video release next month, and earnings from our growing film library, which continues to outperform our expectations.”