Foreign Box Office for ‘Toy Story 2’ Pushes Pixar Profit Above Estimates
Pixar Animation Studios, the movie company headed by Apple Computer Inc. Chief Executive Steven Jobs, said its second-quarter profit rose more than expected on higher sales.
Net income rose 24% to $8.02 million, or 16 cents a share, from $6.44 million, or 13 cents, in the year-ago period. Revenue rose 36% to $18.3 million from $13.5 million. The results beat by 2 cents a share the average estimate of analysts polled by First Call/Thomson Financial.
The Richmond, Calif.-based company benefited in the quarter from overseas ticket sales for “Toy Story 2,” analysts said.
Pixar also said it expects to earn $1.30 a share in the full year ending in December.
The company released its results after the close of U.S. markets. The stock fell 50 cents to $33.81 on Nasdaq.
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