Tags: disney | earnings | rise | revenue

Disney Earnings Rise 12%; Revenue Falls Short

Tuesday, 07 February 2012 04:50 PM

Walt Disney Co., the largest U.S. entertainment company by market value, said first-quarter profit rose 12 percent on growth at ESPN and its U.S. resorts.

Net income grew 12 percent to $1.46 billion, or 80 cents a share, from $1.3 billion, or 68 cents, a year earlier, Burbank, California-based Disney said today in a statement. Profit beat the 71-cent average of 27 estimates compiled by Bloomberg. Sales gained 0.6 percent to $10.8 billion in the period ended Dec. 31, missing estimates of $11.2 billion.

Fees from pay-TV operators and advertising sales drove profit growth at the cable channels led by ESPN, the most- watched sports network, the company said. The parks division benefited from strong attendance and higher prices. Together the two units accounted for 77 percent of Disney’s operating income last year and 60 percent of sales.

Disney fell 2.5 percent to $39.94 in extended trading. The stock rose 1.3 percent to $40.98 at the close in New York and has gained 9.3 percent this year.


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Tuesday, 07 February 2012 04:50 PM
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