The Wall Street Journal
Walt Disney Co.'s fiscal first-quarter net income was little changed despite bigger profit in the film studio and television operations, as charges and gains skewed comparisons.
President and Chief Executive Robert Iger said he was pleased with the results and "excited about our creative pipeline," including the yet-to-be-released movies "Alice in Wonderland" and "Toy Story 3" and new attractions at the theme parks.
For the quarter ended Jan. 2, Disney reported a profit of $844 million, or 44 cents a share, down from $845 million, or 45 cents a share, a year earlier. The latest quarter had 3 cents in charges and the prior year had 4 cents in divestiture gains.
Revenue rose 1.5% to $9.74 billion.
Media Networks, the company's largest division, which includes its television operations, had 7% revenue growth and a 11% profit increase. Advertising improved at ESPN, but programming and production costs also increased. Ad revenue was lower at the broadcast operations compared with higher spending on political ads a year earlier.
Earnings slid 1.8% and revenue was flat in the theme-park unit, Disney's second-largest, which has continued to use discounts to draw visitors. Attendance increased at U.S. parks and costs declined, but so did guest spending because of lower average ticket prices and reduced outlays on food and beverages.
The studio-entertainment division reported a 30% jump in operating profit on an increase in U.S. DVD sales, including for the movies "Up" and "The Proposal." Revenue edged down 0.5% as Disney's results were lower at the U.S. box office and music sales weakened.
Shares rose in after-hours trading as the media giant and theme-park operator's results topped Wall Street's expectations. Analysts estimated earnings of 38 cents on revenue of $9.65 billion, according to a poll by Thomson Reuters. The stock has nearly doubled from a seven-year low in March.
President and Chief Executive Robert Iger said he was pleased with the results and "excited about our creative pipeline," including the yet-to-be-released movies "Alice in Wonderland" and "Toy Story 3" and new attractions at the theme parks.
For the quarter ended Jan. 2, Disney reported a profit of $844 million, or 44 cents a share, down from $845 million, or 45 cents a share, a year earlier. The latest quarter had 3 cents in charges and the prior year had 4 cents in divestiture gains.
Revenue rose 1.5% to $9.74 billion.
Media Networks, the company's largest division, which includes its television operations, had 7% revenue growth and a 11% profit increase. Advertising improved at ESPN, but programming and production costs also increased. Ad revenue was lower at the broadcast operations compared with higher spending on political ads a year earlier.
Earnings slid 1.8% and revenue was flat in the theme-park unit, Disney's second-largest, which has continued to use discounts to draw visitors. Attendance increased at U.S. parks and costs declined, but so did guest spending because of lower average ticket prices and reduced outlays on food and beverages.
The studio-entertainment division reported a 30% jump in operating profit on an increase in U.S. DVD sales, including for the movies "Up" and "The Proposal." Revenue edged down 0.5% as Disney's results were lower at the U.S. box office and music sales weakened.
Shares rose in after-hours trading as the media giant and theme-park operator's results topped Wall Street's expectations. Analysts estimated earnings of 38 cents on revenue of $9.65 billion, according to a poll by Thomson Reuters. The stock has nearly doubled from a seven-year low in March.
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