Walt Disney Co. said Tuesday that its fiscal third-quarter profit rose 40% on improved results at ESPN and strong box-office proceeds from "Toy Story 3," "Iron Man 2" and "Alice In Wonderland," easily surpassing most estimates.
The entertainment conglomerate said it earned $1.33 billion, or 67 cents a share, compared with a profit of $954 million, or 51 cents a share, in the year-ago period.
Sales rose 16% to $10 billion.
Analysts polled by FactSet Research were expecting a profit of 59 cents a share on sales of $9.37 billion.
Disney (DIS 35.61, +0.32, +0.91%) said earnings at its media networks division, which includes ESPN, Disney Channel and ABC, climbed 43%.
ESPN recognized $344 million in previously deferred revenue, and posted gains in advertising sales and revenue from fees paid by cable, satellite and fiber video operators.
Studio entertainment revenue rose 30% on greater box-office receipts, while home entertainment profit increased on lower costs.
Theme parks and resorts earnings declined 8% on higher costs combined with lower attendance and hotel occupancy.
Consumer products earnings rose 22% on lower expenses at The Disney Store North America and a greater profit for the company's publishing unit.
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