Walt Disney Co., the world’s biggest media company, said fourth-quarter profit fell 6.7 percent after a drop in income from cable operators who paid their bills earlier this year.
Net income shrank to $835 million, or 43 cents a share, from $895 million, or 47 cents, a year earlier, Burbank, California-based Disney said today in a website statement. Excluding one-time items, profit fell to 45 cents, compared with 47-cent average of 25 analysts’ estimates compiled by Bloomberg.
Disney recorded revenue from pay-TV services for ESPN in the quarter ended June 30, sooner than in 2009, resulting in a drop in the latest period. The film studio posted a profit of $104 million, reversing a year-ago loss on box-office sales for “Toy Story 3.”
Sales fell 1.3 percent to $9.74 billion in the period ended Oct. 2, missing the $10 billion average of 20 analysts’ estimates compiled by Bloomberg. The latest quarter had one less week than the year earlier period.
Disney, also the world’s biggest theme-park operator, fell $1.53 to $35.46 at 3:39 p.m. in New York Stock Exchange composite trading. The shares had gained 15 percent this year before today.
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