DreamWorks Animation Beats; Announces New Buyback (DWA)

DreamWorks Animation SKG Inc.

reports Q2 earnings of $0.27 versus estimates of $0.22. DreamWorks Animation SKG Inc. reports Q2 revenues of $158.1 million versus estimates of $138.72 million. Revenues increased 19.8% year over year. The company said that Q3 results are expected to be driven down primarily by the continued box office disappointment of Shrek Forever After. The company announced a new $150 million Share Repurchase Program. "Our strong second quarter was driven primarily by the blockbuster performances of Shrek Forever After and How to Train Your Dragon, two of the top 10 films of 2010 on both a domestic and a worldwide basis," said Jeffrey Katzenberg, DreamWorks Animation's CEO. "We have once again surpassed $1 billion in worldwide box office and with Megamind still to be released on November 5th, we are on track to make 2010 not only DreamWorks Animation's single biggest year at the box office, but also the biggest year ever for any CG animation studio." Shares of DWA are trading higher in the after-hours. DreamWorks Animation SKG, Inc. is engaged in the development, production and exploitation of animated films and characters in the worldwide theatrical, home entertainment, television, merchandising, and licensing and other markets.