THQ Doubles Fourth Quarter Profit

Calabasas-based video game publisher, THQ Inc. exceeded analysts’ expectations for the latest quarter, as the company chalked up record sales and profits. Net income more than doubled to $62.9 million or $1.58 per diluted share, compared with a net income of $30.4 million, or $0.78 per share at this time last year. The per share profit in the most recent quarter results included a 20-cent benefit from research and development tax credits. THQ’s revenues spiked 37 percent for the third quarter to a record $400.3 million, from $293.1 million in the comparable period last year. Analysts polled by Reuters Estimates on average had expected earnings per share of $1.15 on revenue of $334.8 million. The highest Wall Street estimates were for earnings per share of $1.18 and revenue of $344.2 million. THQ’s stock price closed today at $26.96, a $4.10 increase from yesterday.