Pixar beats 1Q expectations

Pixar Animation Studios (Nasdaq:PIXR) hurdled the consensus estimate in the first quarter.

After market close Thursday, the computer animation specialist reported first quarter net income of $26.4 million, or 53 cents per share. First Call's survey of seven analysts predicted a profit of 45 cents per share for the quarter ended April 1.

Shares of Pixar closed Thursday's regular trading up 5/8 to 38 3/8, prior to the earnings report. Since going public, the company has consistently topped consensus analyst forecasts.

First quarter revenue of $61 million represents a vast improvement over $3.4 million from a year earlier. Pixar's sales were boosted by continuing results from Toy Story 2, which came out last year.

The company said it targets full year earnings of at least $1.25 per share for 2000. First Call currently predicts a profit of $1.36 per share for the year.

To date, Toy Story 2 has seen $479 million in global box office sales, Pixar said.

Releases scheduled for later this year include a video and TV series featuring the Buzz Lightyear character from the Toy Story movies, and Toy Story 2 on VHS and DVD formats. Pixar's next feature film will be Monsters Inc., currently slated for release during the 2001 holiday season.

Also Thursday, the company said former Walt Disney Studios chairman Joe Roth will join Pixar's board.>