Disney Sets Revenue Record

Walt Disney Co. beat analysts expectations on earnings per share and fell barely short on revenue, despite setting a record. The Burbank media and entertainment company reported adjusted net income of $1.6 billion ($1.20 a share) in the quarter ended Oct. 3, compared with $1.5 billion (89 cents) in the same period a year earlier. Revenue increased 9 percent to $13.5 billion. Analysts on average expected a net income of $1.14 cents a share on revenue of $13.5 billion, according to Thomson Financial Network. “In fiscal 2015, we delivered the highest revenue, net income and adjusted (earnings per share) in the company’s history, reflecting the power of our great brands and franchises, the quality of our creative content, and our relentless innovation to maximize value from emerging technologies,” Chief Executive Bob Iger said in a prepared statement. Three business units – media networks, parks and resorts, and consumer products, showed an increase in revenue during the fourth quarter. Filmed entertainment revenue was flat at $1.8 billion for the quarter when compared to the prior year, a result the company attributed to, among other factors, lower home entertainment sales and having no Disney feature animation or DreamWorks titles in release. The interactive business unit had a 4 percent drop in revenue to $347 million although operating income went up by 13 percent to $31 million. Shares closed down 25 cents, or less than a percent, to $113 on the New York Stock Exchange.