LOS ANGELES (AP) -- DreamWorks Animation SKG Inc., the studio behind "Megamind," said Thursday that its fourth-quarter profit nearly doubled thanks to a one-time tax benefit. Absent the benefit, the adjusted earnings fell below analyst expectations, as did revenue.
Net income at the Glendale, Calif.-based studio in the three months through Dec. 31 came to $85.2 million, or 99 cents per share, compared with $43.6 million, or 50 cents per share, a year earlier.
Revenue rose 42 percent to $276 million from $194 million.
Adjusted to exclude a one-time tax benefit of $45 million, earnings came to 47 cents per share, below the 75 cents expected by analysts polled by FactSet.
Revenue also fell short of the $291 million expected by analysts.
In the week leading up to its earnings release, several analysts lowered their earnings expectations for DreamWorks based on a worse-than-expected performance of "Megamind," a wacky bad-guy-turns-good comedy starring Will Ferrell. The studio releases two to three movies a year.
Last year was the first time it released three movies in one year, and included "How to Train Your Dragon," "Shrek Forever After," and "Megamind." Together they grossed $1.6 billion at box offices worldwide.
Shares fell 10 cents to $28 in after-hours trading Thursday, after closing up 7 cents at $28.10 in the regular session.
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