Disney Beats Analyst Expectations on Revenue, Earnings

Walt Disney Co. beat Wall Street projections on earnings and revenue in its fiscal fourth quarter. The Burbank entertainment and media giant reported on Thursday net income of $2.3 billion ($1.55 a share) on revenue of $14.3 billion for the quarter ending Sept. 29. That compares to net income of $1.7. billion ($1.13) on revenue of $12.8 billion in the same period a year earlier. Analysts on average expected earnings of $1.34 on revenue of $13.7 billion, according to Thomson Financial Network. Three of the four business divisions posted increases in revenue for the quarter, led by studio entertainment with a 50 percent boost to $2.2 billion with contributions from strong theatrical revenue of “Incredibles 2” and “Ant Man and the Wasp.” Both media networks and parks and resorts had 9 percent increases in revenue, while consumer products and interactive media had a decrease of 8 percent to $1.1 billion. Chief Executive Robert Iger said he was pleased with the financial performance for the quarter and the full fiscal year. “We remain focused on the successful completion and integration of our 21st Century Fox acquisition and the further development of our direct-to-consumer business, including the highly anticipated launch of our Disney-branded streaming service late next year,” Iger said in a statement. Disney announced results after market close. Shares in Disney (DIS) closed Thursday down $1.05, or nearly 1 percent, to $116 on the New York Stock Exchange.