DreamWorks Animation SKG Inc. said Tuesday afternoon that third-quarter profit nearly quadrupled thanks to strong sales of the studio’s wildly successful “Shrek the Third,” animated feature.

DreamWorks reported third-quarter net income of $47 million (47 cents per share), a 347 percent leap from $10.5 million (10 cents), reported the same period a year earlier.

Sales for the Glendale-based studio also nearly doubled to $161 million, surpassing Wall Street’s expectations of $159 million according to Bloomberg estimates.

The wild success of “Shrek the Third,” which has earned $321 million in U.S. ticket sales, was the second-largest grossing movie of the year, behind “Spider-Man 3,” according to BoxOfficeMojo.com.

Shares in DreamWorks closed up 1.3 percent to $32.53 in trading Tuesday on the Nasdaq.