Walt Disney Co. had a mixed third quarter with a strong performance in feature films but only single-digit growth in the media networks and theme park businesses.
The Burbank entertainment and media giant reported net income of $2.5 billion ($1.45 a share) for the quarter ended June 27, compared with net income of $2.2 billion ($1.28) in the same period a year earlier. Revenue increased 5 percent to $13.1 billion.
Analysts on average expected net income of $1.42 a share on revenue of $13.2 billion, according to Thomson Financial Network.
“The strong results across our many diverse lines of business demonstrate the power of our unparalleled brands, franchises and creative content,” Disney Chief Executive Robert Iger said in a prepared statement.
The $1.4 billion global box office of “The Avengers: Age of Ultron” and the continuing performance of the live-action “Cinderella” contributed to the filmed entertainment business having revenue of $2 billion, a 13 percent increase from the prior year. It was the only business segment to have double-digit growth.
Broadcasting and cable media had a 5 percent increase in revenue to $5.8 billion while the theme parks and resorts had a 4 percent increase to $4.1 billion as domestic park attendance and spending grew but was offset by lower attendance at Hong Kong Disneyland and higher operating costs in Hong Kong and Disneyland Paris.
Licensing revenue from merchandise related to animated blockbuster “Frozen,” Avengers and Star Wars contributed to the 6 percent increase in revenue in the consumer products segment to $954 million.
Shares closed up 57 cents, or a fraction of 1 percent, to $121.69 on the New York Stock Exchange.