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Pixar beats 2Q estimates
Animation studio posts sharp jump in 2Q profit, and raises guidance for full year.
August 8, 2002: 5:16 PM EDT

NEW YORK (CNN/Money) - Pixar Animation Studios Thursday said its second-quarter net income jumped 19 percent from a year ago, crushing Wall Street estimates, on the success of its computer-animated hit "Monsters, Inc."

The company also lifted its guidance for full-year earnings.

"Our results this quarter reflect the outstanding performance of 'Monsters, Inc.,'" said Pixar CEO Steve Jobs. "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."

Emeryville, Calif.-based Pixar (PIXR: Research, Estimates), which is preparing for a September launch of the "Monsters Inc., said its profit rose to $10.4 million, or 20 cents per share, from $8.8 million, or 17 cents per share, a year earlier.

Revenue rose to $22.8 million from $16.7 million a year earlier.

Profit and revenue in the latest quarter surpassed estimates of analysts polled by First Call, who had expected earnings of 8 cents-to-17 cents per share, with the consensus forecast for a profit of 11 cents per share profit on revenue of $19.5 million.

The company also raised its earnings per share guidance for the full year to a range of $1.25-to-$1.35 from its previous guidance range of $1.15-to-$1.25.

The company's profit in the latest quarter was down from first-quarter levels of $15.6 million or 30 cents per share, while revenue was off the first-quarter level of $37.1 million.

Shares of Pixar jumped to $43.44 in after-hours trading on electronic trading system Instinet, up from its regular trade close of $41.54.  Top of page

-- from staff and wire reports

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