Disney 1Q helped by ‘Frozen,’ ‘Infinity’
LOS ANGELES (AP) — The Walt Disney Co. on Wednesday reported earnings and revenue for the holiday quarter that beat Wall Street’s expectations, helped by movie hits like “Frozen” and sales of its “Disney Infinity” console game.
Net income in the fiscal first quarter through Dec. 28 rose to $1.84 billion, or $1.03 per share, from $1.38 billion, or 77 cents per share, a year ago.
Excluding restructuring charges and other items, adjusted earnings came to $1.04 per share, beating the 92 cents expected by analysts polled by FactSet.
Revenue rose 9 percent to $12.31 billion, beating the $12.25 billion expected by analysts.
Shares rose $1.09, or 1.5 percent, to $72.85 in after-hours trading Wednesday, after already gaining 71 cents to close at $71.76 in the regular session.
Along with the strong movie studio results, revenue and profit grew for its TV networks, as growth at ESPN offset weakness at ABC. Higher theme park ticket prices and more guest spending offset higher costs associated with the launch of its MyMagic+ bracelet, which helps visitors plan their trip and buy merchandise.
The consumer products division also grew, thanks to the inclusion of Lucasfilm items following Disney’s acquisition of the maker of “Star Wars” in late 2012. Disney plans to release a sequel, “Star Wars: Episode VII,” in December 2015.
CEO Bob Iger said in a statement the quarter’s results were “incredibly strong” and reflected the company’s successful portfolio of brands, including those from studios Pixar and Marvel.