* Q1 EPS $0.10 meets expectations
* Q1 rev falls 33 pct, but tops est
* Sees Kung Fu Panda 2 movie release to help Q2 (Follows alerts)
April 26 (Reuters) - DreamWorks Animation SKG Inc reported a lower quarterly profit, hobbled by the lack of major releases in the quarter, but the results met Wall Street estimates.
DreamWorks expects second-quarter results to get a boost from the movie Kung Fu Panda 2, which is scheduled to be released on May 26.
The company's first-quarter profit was mainly driven by home video release of 2010 movies like Megamind. 3D cartoon Megamind released on Nov. 7 with a $47.7 million opening. [ID:nN07174808]
"There's not a lot to say. Terrible quarter, and no real explanation for it other than that their films aren't generating revenue in line with their basic operating model," Wedbush Securities analyst Michael Pachter said in an email.
For the first quarter, DreamWorks earned $8.8 million, or 10 cents per share, compared with $21.7 million, or 24 cents a share, a year ago.
Revenue fell 33 percent to $108 million.
Analysts had expected earnings of 10 cents per share, excluding items, on revenue on $107 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $26.73 on Tuesday on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Gopakumar Warrier)