Disney's (DIS) Q1 Disappoints; Strong Media Networks Sales Can't Offset Declines in Studio Entertainment
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Investors are selling shares of Disney (NYSE: DIS) Tuesday afternoon following a disappointing quarterly report from the media-giant. The stock last traded at $42.70, down about 2.8 percent from the close.
The Walt Disney Company posted second-quarter net income of $942 million, down about 1 percent from the same quarter last year. Diluted earnings totaled 49 cents per share, a 2 percent increase from the 48 cents per share issued during the second quarter of 2010.
Net sales rose 6 percent from $8.58 billion to $9.077 billion.
The Street had been expecting Disney to report quarterly EPS of 56 cents on revenue of $9.13 billion.
Free cash flow rose a sharp 23 percent to $1.317 billion.
Sales to Disney's Media Networks unit rose 12 percent to $4.32 billion, revenue at the Parks and Resorts segment was up 7 percent to $2.63 billion and within the Studio Entertainment segment, sales fell 13 percent to $1.34 billion.
Income from operations in Cable Networks rose $174 million to $1.4 billion for the quarter due to growth at ESPN, ABC Family and the Disney Channels, partially offset by lower equity income.
The Walt Disney Company posted second-quarter net income of $942 million, down about 1 percent from the same quarter last year. Diluted earnings totaled 49 cents per share, a 2 percent increase from the 48 cents per share issued during the second quarter of 2010.
Net sales rose 6 percent from $8.58 billion to $9.077 billion.
The Street had been expecting Disney to report quarterly EPS of 56 cents on revenue of $9.13 billion.
Free cash flow rose a sharp 23 percent to $1.317 billion.
Sales to Disney's Media Networks unit rose 12 percent to $4.32 billion, revenue at the Parks and Resorts segment was up 7 percent to $2.63 billion and within the Studio Entertainment segment, sales fell 13 percent to $1.34 billion.
Income from operations in Cable Networks rose $174 million to $1.4 billion for the quarter due to growth at ESPN, ABC Family and the Disney Channels, partially offset by lower equity income.
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