Shares of DreamWorks Animation fell Tuesday after the animation studio posted a fourth-quarter loss, hurt by restructuring costs and the tepid performance of some of its movies.
The animation studio said last month said it would cut 18 percent of its workforce and pare the number of films it produces each year to two from three. It posted $210 million in charges related to those changes, including employee termination costs, for the October-December quarter.
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DreamWorks posted a fourth-quarter loss of $263.2 million, or $3.08 per share, after reporting a profit of $17.2 million, or 20 cents per share, in the same period a year earlier. It booked charges of $57 million related to the performance of "The Penguins of Madagascar," which was released in theaters in November, and "Mr. Peabody and Sherman," which was released for home viewers in November.
The Glendale, California, company said its loss, adjusted for non-recurring costs, was 75 cents per share in the latest quarter. Analysts surveyed by Zacks Investment Research expected a far deeper loss of $3.15 per share.
It posted revenue of $234.2 million in the period, falling short of Wall Street's forecast of $267.7 million.
For the year, DreamWorks Animation SKG Inc. reported a loss of $309.6 million, or $3.65 per share, on revenue of $684.6 million.
DreamWorks' stock fell 9 percent, or $1.92, to $19.21 in extended trading. The shares have dropped 39 percent in the past 12 months, closing Tuesday at $21.13.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DWA at http://www.zacks.com/ap/DWA
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