Walt Disney Co., the second-largest U.S. media company, may say today that second-quarter profit gained on box-office sales for “National Treasure” and “Hannah Montana,” and the DVD release of “Enchanted,” Bloomberg News reports.
Net income probably rose 7.1 percent to $997.2 million, or 51 cents a share, from a year earlier, according to the average of nine analysts’ estimates compiled by Bloomberg. Sales in the period ended March 29 may have climbed 5.4 percent to $8.51 billion, the average of 17 estimates.
Chief Executive Officer Robert Iger weathered a slowdown in the U.S. economy with sales of movie tickets and DVDs, and more theme-park visitors. “National Treasure: Book of Secrets” took in most of its $456.4 million in global sales in the period, researcher Box Office Mojo LLP said. “Hannah Montana” opened Feb. 1 with $31.1 million in weekend sales at 683 locations, a per-screen record. “Enchanted” DVDs came out in mid-March.
“There was stronger box office and DVD performance at the studio,” as well as increased theme-park attendance, Michael Morris, an analyst at UBS Securities LLC in New York, said in an interview. “We haven’t seen a slowdown yet, but it would be imprudent to not at least consider the possibility.”
Disney, based in Burbank, California, rose 2 cents to $33.31 at 12:11 p.m. in New York Stock Exchange composite trading. Before today, the shares had gained 3.1 percent this year, compared with a 2.2 percent dip for Time Warner Inc., the world’s largest media company, and a 13 percent drop for Viacom Inc. Class B shares.
Spokesman Jonathan Friedland said Disney won’t comment on results before earnings are released. The company is scheduled to report after the close of U.S. markets today.
