Pixar Animation Studios (Nasdaq: PIXR) topped analyst forecasts in the second quarter and raised its earnings target for the year.
After market close Thursday, the maker of computer animated movies reported fiscal second quarter net income of $8 million, or 16 cents per share. First Call's survey of six analysts predicted a profit of 14 cents per share for the quarter ended July 1.
Shares of Pixar traded at 33 11/16 on the Island electronic communications network, following the earnings report. The stock closed Thursday's regular trading at 33 13/16, down 1/2 for the session.
Second quarter revenue rose 35.6 percent year-over-year to $18.3 million from $13.5 million.
Pixar now expects to earn at least $1.30 per share in 2000. After the first quarter, Pixar had predicted earnings of at least $1.25 per share.
First Call consensus currently forecasts a full year profit of $1.36 per share for Pixar.
Although Pixar doesn't have any feature films scheduled for theatrical release this year, the company plans to release Toy Story 2 on video in October. That same month, A Bug's Life is scheduled to debut on pay-per-view TV.>