UPDATE, 6:55 AM: CEO Philippe Dauman says that Paramount is starting to make business plans for 2013 and 2014 and “can accommodate having Dreamworks [Animation] titles in or out” after their distribution deal expires next year. He told analysts, in a conference call, that the companies have “a strong relationship” and that he’s ready to discuss a new deal whenever Dreamworks Animation CEO Jeffrey Katzenberg is ready. But he added that Paramount’s “development pipeline is strong” and will include more animated films following the success of its first effort, Rango.

Dauman also says that the company plans “a very significant increase” over the next year or 2 in the amount of original shows it will run on cable channel Spike. He added that he expects “significant year-over-year gains” in upfront ad sales across Viacom’s networks.

PREVIOUS, 5:11 AM: Helped by a strengthening ad market, TV hits including MTV’s Jersey Shore, and a Paramount Pictures slate that included Rango, Viacom far exceeded Wall Street analysts’ forecasts for its financial performance in the quarter that ended in March. The entertainment giant reported net earnings of $376 million, up 47% vs. the same period last year, on revenues of $3.3 billion, up 20%. That translated into 72 cents in earnings per share. The consensus forecast among analysts put earnings of 61 cents with revenues of $3 billion.

“This was an outstanding quarter, reflecting our continued operating momentum,” Viacom CEO Philippe Dauman said in a prepared statement.

Revenues at the Media Networks unit — which includes MTV, Nickelodeon, and Comedy Central — were up 11% to $2.1 billion. That was on pace with improvements in ad sales. They were up 12% worldwide, and 11% domestically. The Filmed Entertainment operation was up 38% to $1.2 billion. It was helped by carryover titles including True Grit, Little Fockers and The Fighter, and higher TV syndication revenues.