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Thursday, Jun 8, 2023

Disney Earnings Mixed

Walt Disney Co. missed analysts’ expectations on revenue for the fourth quarter but exceeded on earnings.

The Burbank media giant reported adjusted earnings of $1.20 a share on $13.51 billion in revenue for its fiscal fourth quarter, which represented increases of 35 and 9 percent, respectively, from the previous year.

Analysts expected Walt Disney to post earnings of $1.14 a share on revenue of $13.57 billion, according to a consensus estimate from Thomson Reuters. Disney shares declined a bit Thursday.

“In fiscal 2015, we delivered the highest revenue, net income and adjusted (earnings per share) in the company’s history, reflecting the power of our great brands and franchises, the quality of our creative content, and our relentless innovation to maximize value from emerging technologies,” Chief Executive Bob Iger said in a prepared statement.

Three business units – media networks, parks and resorts, and consumer products, showed an increase in revenue during the fourth quarter.

Filmed entertainment revenue was flat at $1.8 billion for the quarter when compared to the prior year, a result the company attributed to, among other factors, lower home entertainment sales and having no Disney feature animation or DreamWorks titles in release.

The interactive business unit had a 4 percent drop in revenue to $347 million although operating income went up by 13 percent to $31 million.

Shares closed down 25 cents, or less than a percent, to $113 on the New York Stock Exchange.

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