Second-quarter profit at Apple CEO Steve Jobs other company Pixar nearly doubled thanks to Finding Nemo, exceeding analyst, and Pixar's own, expectations.
Pixar earned $37.4 million in the second quarter, which ended on July 3, compared to $19.5 million a year earlier. Revenues for the quarter were $66.3 million, compared to $48.9 million at the same time last year. Thomson First Call analysts had forecast $47.7 million profit.
Analysts polled by Reuters Estimates expected earnings of 37 cents per share in the 2004 quarter, and Pixar had forecast 30 cents. The company made 63 cents per share compared to 34 cents per share a year earlier.
Pixar CEO Steve Jobs said: "Our performance this quarter highlights the ongoing success of Finding Nemo and the longevity of all of our films. Next up: The Incredibles. Prepare to be blown away."
Sanders Morris Harris analyst David Miller said: "Even five quarters after the release of Nemo domestically, it is Nemo that is still driving the income statement, and that proves how evergreen Pixar's CGI (computer generated imagery) product is."
Miller rates the stock a buy. However, Reuters reports that many analysts are concerned that expectations are too high, however according to Reuters Estimates.
Pixar's next film The Incredibles will by released by Disney on November 5. This is likely to mark the end of Pixar's distribution agreement with Disney, under which Pixar had agreed to produce five original computer-animated feature films for distribution by Disney. Pixar announced that it was pulling out of its distribution agreement with Disney back in January.