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Or maybe it's because of the shuttering of PDI and the big layoffs at DreamWorks Animation.

Yes, but North America is still a pretty darn big market to underperform in. In the end, HTTYD2 did not make the global top 10, and the release date of "3" was indeed pushed back a year, to 2017.

I saw this over the summer, and am not sure why it didn't take off like I thought it would at the box office. Very entertaining, and maybe the most visually-advanced animated film in recent memory. Excellent review, and I plan to check this out on BD.