Pixar Animation Studios (Nasdaq: PIXR) blew past analyst forecasts in the third quarter and raised expectations for the full year.
After market close Wednesday, the computer animation specialist reported third quarter net income of $8.8 million, or 18 cents per share. First Call's survey of five analysts predict a profit of 7 cents per share for the quarter ended Sept. 30.
Third quarter earnings for Pixar include $3.6 million in "other income".
Revenue in the third quarter was $17.3 million. "Our strong third quarter results demonstrate the profit potential of our expanding feature film library," CEO Steve Jobs said.
Pixar now sees earnings of $1.45 per share for 2000, up from its previous prediction of $1.30. Wednesday's announcement marks the second time in as many quarters that Pixar has raised its full year expectation. Pixar now expects to earn more than the original First Call expectation of $1.36 per share in 2000, although that consensus forecast was lowered after the first quarter.
The company's next feature film, Monsters Inc., remains on track for release in Thanksgiving 2001, Jobs said. Pixar also has started production on its fifth movie, Finding Nemo, scheduled for a 2003 debut.
• Pixar tops 2Q expectations>