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Thursday, Sep 21, 2023

Disney Skates to Higher Earnings

Walt Disney Co. beat analyst estimates in the second quarter on Monday, buoyed by strong home entertainment sales and the box office of its animated hit, “Frozen.” The Burbank entertainment and media company reported net income of $1.9 billion ($1.08 a share) for the quarter ended March 29, compared with $1.5 billion (83 cents) in the same period a year earlier. Revenue increased 10 percent to $11.6 billion. Analysts on average expected net income of 96 cents on revenue of $11.2 billion, according to Thomson Financial Network. Out of the five business divisions, interactive had the highest revenue increase over the prior year at 38 percent to $268 million. The growth was attributed to sales of the console game “Disney Infinity” and the company’s Japanese mobile business. Studio entertainment had the next highest revenue increase at 35 percent to $1.8 billion. Disney cited the strength of domestic home entertainment, international theatrical and television, and subscription video-on-demand distribution. Animated feature film “Frozen” contributed to home entertainment and international box office results. The film has grossed $400 million in the U.S. and an additional $769 million overseas, making it the No. 1 movie from Walt Disney Animated Studios, according to box office tracking site, Box Office Mojo. Shares closed down 19 cents, or less than 1 percent, to $81.03 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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