DreamWorks Animation SKG Inc. reported Tuesday a 48 decline in third quarter earnings, but that was still better than Wall Street expected.

After the markets closed, the Glendale animated film producer reported net income of $19.6 million (23 cents per share), compared with net income of $37.4 million (41 cents) a year ago.

Revenue fell 11 percent to less than $136 million. The home video version “Monsters vs. Aliens" only hit the stores Sept. 29, but still contributed $33.4 million in revenue. The year-ago quarter was boosted by the hit "Kung Fu Panda.”

"Monsters vs. Aliens is off to a strong start in its initial home video release, and we continue to see very good performance in home entertainment from our two 2008 titles and our catalogue," said Chief Executive Jeffrey Katzenberg in a statement. "We had a solid third quarter, making progress toward DreamWorks Animation's goals of growth and diversification."

Analysts surveyed by Thomson Reuters on average were expecting net income of 16 cents a share on revenue of more than $129 million.

The company’s shares earlier closed down 15 cents, or less than 1 percent, to $31.98 on the Nasdaq.