SATURDAY PM/SUNDAY AM, 5TH UPDATE: After last weekend’s disappointing outcome for Green Lantern, Summer 2011 returns with big-time North American grosses. But both Disney’s Cars 2 and Sony’s Bad Teacher cooled off Saturday after a hot Friday. Expect an overall moviegoing total of $176M, up +6% from last year. Here’s the Top 10.

1. Cars 2 3D (Pixar/Disney) NEW [4,115 Theaters]
Friday $25.7M, Saturday $23.3M, Weekend $68M

Wow, even Pixar’s clunker exceeded expectations, becoming Pixar’s 12th straight No. 1 toon. Strange that the special studio parent/kids’ tracking was only showing a $50M weekend for Cars 2 even with 3D’s higher ticket prices and a very wide U.S. and Canadian release. (Its 4,115 theaters comprise 2,508 3D locations, including 120 IMAX venues.) Other studios at first thought the toon could zoom between $71.5M-$75M for the weekend, but Disney was right to stay conservative with projections of “just” $68M. Surprising that gross was -10% from Friday despite those Saturday kiddie matinees, indicating that word of mouth wasn’t good. It’s still a big bump up from the original’s $60.1M despite far less favorable reviews. Audiences gave Cars 2 a ‘A-’ CinemaScore vs ‘A’ for the first Cars back in 2006 – but critics called the sequel a lemon and Pixar’s worst movie ever because of the lame espionage story and over-use of Larry The Cable Guy (a little of him goes a loooong way). No doubt his good ol’ boy tow truck voiceover will go down well in flyover country. But critics expected better of Pixar CEO John Lasseter, the chief creative officer of Walt Disney and Pixar Animation Studios and principal creative adviser of Walt Disney Imagineering, who is returning to the director’s chair for the first time since Cars. Still, the moolah puts the sequel #5 on the Pixar food chain.

But the real platinum lining here is all that Cars-branded merchandise parents are going to buy for their kids. Disney has put 300 or so products on the market – Cars Kleenex, anyone? — and Wall Street expects those licensed retail sales to total $10 billion, making it the biggest movie merchandising ever. (Toy Story 3 made about $2.8 billion.) It’s a supremely cynical move — lousy movie, great crap – that includes a video game releasing Tuesday, ice and stage shows, and a 12-acre Cars Land expected to rejuvenate California Adventure next year. On the other hand, the Pixar brand may wind up hurt by its first bout of bad PR for a company whose first 11 feature-length animated films have earned $6.5 billion at the global box office and 29 Academy Awards. ”Families (flyover or not) are deciding for themselves and disregarding reviews,” an unconcerned Disney exec replies to me. “Critics not liking a movie doesn’t seem like it will hurt the Pixar brand in my opinion. It will be their 12th #1 film in a row and will rank near the top for opening weekends. Should I send you a Larry the Cable Guy DVD?”

Besides its licensing bonanza, Cars 2 builds on the original’s brand overseas. Cars 1 made “only” 47.2% of its $462M internationally, so Pixar/Disney decided to rev up the sequel’s foreign appeal by sending its vehicles on a race to Tokyo, Italy, London and Paris after the studio found that the tow truck resonated with kids around the world. (The Japanese washlet toilet scene is sight to behold.) Cars 2 is opening in 18 international markets including Italy, Russia, Brazil, Mexico and Australia. Already Russia scored the biggest opening day of all time for a Disney animated film (but there also are more theaters there now than before), while Australia is pitting Cars 2 against Kung Fu Panda 2, and the Pixar film has pulled a little ahead. Even the music is global, with a score by American composer Michael Giacchino, plus alternative rock legend Weezer, country music hitmaker Brad Paisley, best-selling British singer-songwriter Robbie Williams, French superstar Bénabar, and the power pop Japanese girl band Perfume.

2. Bad Teacher (Sony) NEW [3,049 Theaters]
Friday $12.1M, Saturday $10.9M, Weekend $31M

Welcome to the brave new moviemaking world of Bad Gals and raunchy ‘R-rated’ movies starring women. (Hard to believe feminists fought for this kind of film equality, huh?) Exit polling showed the pic attracted 63% female/37% male audiences, while 57% were over age 25/43% under age 25. Given the mega-success of Bridesmaids and now Bad Teacher, expect a lot of clones coming to the megaplex near you. Even though audiences gave foul-mouthed Cameron Diaz et al a ‘C+’ CinemaScore, this sleeper overperformed with Sony expecting a $20+M result. I’m told this under-$20M budgeted comedy was championed internally by Columbia Pictures president Doug Belgrad, and, like so many other films that Sony has successfully released of late, he was able to put the film together with the producers for the right $20M-$40M price. (If you look at the last several years, Sony still overspends on tentpoles but also has developed a solid portfolio of modestly produced films like The Social Network, Superbad, Pineapple Express, Bounty Hunter, Karate Kid, Julie and Julia, Easy A, Vantage Point, The Ugly Truth, etc. These titles, when done right, allow for decent upside…)

Once again, Sony had pitch-perfect marketing thanks to Marc Weinstock, Tommy Gargotta, and of course Jeff Blake. The buzz began developing weeks ago thanks to an irreverent outdoor campaign with Cameron and her desk continuing through the trailers and TV ads that shouted the subversive concept of the film. “We had a lot to work with on this title. From the movie itself to the cast, we used all our assets to build heat and awareness for the film while having fun with the campaign,” a Sony exec tells me. For example, on National Teacher Appreciation Day, the studio sent apples with Post-it notes that read “Eat Me” to top radio DJs in key markets to get a lot of air chatter going. Online, there were initiatives like the Worst Teachers In History Collection on collegehumor.com. Of course, Cameron, Justin Timberlake and Jason Segel all worked the talk-show circuit. On TV, spots aired on many of the more mouthbreather-targeted season finales and premieres, while the two-minute trailer ran during MTV’s Jersey Shore in March to gain early awareness. Sony also had a strong footprint throughout the recent NBA playoffs and finals.

Bad Teacher opened first in the UK where it has done very well, taking in nearly $4M in its first week of play there and holding to a strong -41% Friday. It opens day and date in 25 smaller countries this weekend, including Germany, Holland, New Zealand and Sweden.

3. Green Lantern 3D (Warner Bros) Week 2 [3,816 Theaters]
Friday $6M, Saturday $7M, Weekend $18.3M (-65%), Cume $89.3M

The superhero fell apart its second weekend. Worse, there’s little green overseas where grosses for Green Lantern never got off the ground: Friday showed a -60% drop from its soft opening in the UK alone. After this humiliation, Warner Bros needs to rethink how it mines its DC Comics library without Chris Nolan producing/directing/writing everything.

4. Super 8 (Paramount) Week 3 [3,424 Theaters]
Friday $3.7M, Saturday $4.7M, Weekend $12.1M, Cume $95.1M

5. Mr. Popper’s Penguins (Fox) Week 2 [3,342 Theaters]
Friday $3.6M, Saturday $3.7M, Weekend $10.3M (-44%), Cume $39.4M

Granted Mr. Popper’s Penguins opened weakly last weekend, but that’s a strong hold for this kidfest because of penguin love pushing word of worth. Jim Carrey? Meh.

6. X-Men: First Class (Fox) Week 4 [2,633 Theaters]
Friday $2M, Saturday $2.6M, Weekend $6.6M, Cume $132.8M

7. The Hangover Part II (Legendary/Warner Bros) Week 5 [2,755 Theaters]
Friday $1.9M, Saturday $2.3M, Weekend $5.8M, Cume $244M

8. Bridesmaids (Universal) Week 7 [2,031 Theaters]
Friday $1.8M, Saturday $2.3M, Weekend $5.3M, Cume $146.6M

9. Pirates Of The Caribbean 4 3D (Disney) Week 6 [2,244 Theaters]
Friday $1.5M, Saturday $1.9M, Weekend $4.7M, Cume $229M

10. Midnight In Paris (Sony Classics) Week 6 [951 Theaters]
Friday $1.2M, Saturday $1.7M, Weekend $4.4M, Cume $28.5M

For more estimates listed by title, see box office results here...

Editor-in-Chief Nikki Finke - tip her here.