Marvel Entertainment beats 1Q views, ups outlook
NEW YORK — Marvel Entertainment Inc. on Tuesday reported first-quarter results above Wall Street estimates and raised its projections for the full year.
The New York-based company said feature films “The Incredible Hulk” and “Iron Man” as well as stonger-than-expected licensing fees helped grow sales for the quarter.
Shares climbed $2.16, or 7 percent, to $33.26 in premarket trading. The stock has ranged from $22.82 to $38.50 over the past year.
Marvel’s profit fell slightly to $44.5 million, or 57 cents per share, from $45.2 million, or 58 cents per share, in the same period a year ago.
Revenue climbed 75 percent to $197 million from $112.6 million.
Analysts expected earnings of 36 cents per share, on sales of $135.8 million, according to a survey by Thomson Reuters.
In a statement, Marvel Chairman Morton Handel said first-quarter results reflected “solid demand for Marvel-branded consumer products and the home video versions of our ‘Iron Man’ and ‘The Incredible Hulk’ feature films.”
The film production segment brought in $90.4 million in sales. Licensing revenue fell about 4 percent to $80.8 million, not as far as the company expected.
Marvel raised full-year earnings-per-share forecast to a range of $1.10 to $1.35, from a prior range of $1 to $1.35. The company now expects sales of $450 million to $485 million, up from a prior outlook of $415 million to $460 million.
Analysts expect 2009 income of $1.22 per share on revenue of $452.2 million.
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Earnings schedule for week of 05/04/09April 30th, 2009 Earnings schedule for week of 05/04/09Major companies tentatively scheduled to report quarterly earnings next week:
Monday:
CINCINNATI — The E.W. Scripps Co. releases first-quarter financial results.
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