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Monday, May 16, 2022

Disney Scores With World Cup

The World Cup soccer games gave a kick to Walt Disney Co. earnings in the second quarter as results outperformed analyst estimates. The Burbank entertainment and media company reported net income of $2.2 billion ($1.28 a share), compared with net income of $1.8 billion ($1.01) in the same period a year earlier. Revenue rose 8 percent to $12.5 billion. Analysts on average expected net income of $1.17 a share on revenue of $12.2 billion, according to Thomson Financial Network All five business units reported positive results in the second quarter, with the interactive division having the highest growth rate at 45 percent to $266 million. Media networks had a 3 percent increase to $5.5 billion with cable network ESPN showing higher advertising rates due to the benefit of the World Cup soccer event. Studio entertainment revenue was helped by strong home entertainment sales of “Frozen.” Disney Chief Executive Robert Iger said the company delivered its highest earnings per share ever during the quarter. “Our strategy of building strong brands and franchises continues to create great value across our company,” Iger said in a prepared statement. Shares closed down 49 cents, or about half a percent, to $86.75 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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