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Thursday, Feb 22, 2024

Disney Meets Earning Estimates

Walt Disney Co. met analysts’ earnings estimates but slightly missed revenue projections in its fiscal fourth quarter, with a decrease in worldwide theatrical box office a contributing factor. The Burbank entertainment and media conglomerate reported net income of $1.2 billion (68 cents a share) for the quarter ending Sept. 29, compared with $1.1 billion (58 cents) in the same period a year earlier. Revenue increased 3 percent to $10.8 billion for the quarter. Analysts had forecast earnings of 68 cents a share on revenue of $10.9 billion, according to Thomson Financial Network. Out of the five Disney business units, Media Networks, Parks and Resorts and Consumer Products posted revenue increases for the quarter. Rising bookings on Disney cruise ships and higher theme park attendance contributed to higher revenue at the parks and resorts unit. Studio Entertainment revenue fell 4 percent and Interactive revenue dropped by 14 percent. Studio earnings were trimmed by pre-release marketing expense for the film “Frankenweenie.” The Interactive division brought in less sales due to fewer significant video game titles released during the fourth quarter. For the full fiscal year, Disney reported net income of $5.7 billion ($3.13 a share) compared with $4.8 billion ($2.52) in the same period a year earlier. Revenue increased by 3 percent to $42.3 billion. Shares lost 4 cents, or less than 1 percent, to close at $50.04 on Thursday on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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