Disney's (DIS) Q3 Results Disappoint as Growth in Media Slowing Down
Tweet
Share
E-mail
Get Alerts DIS Hot Sheet
Price: $107.88 +0.52%
Financial Fact:
Costs and expenses: -10.28B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Costs and expenses: -10.28B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Investors are selling shares of Disney (NYSE: DIS) Tuesday afternoon following quarterly results from the global entertainment company. After closing at $34.70, the stock is now trading around $34.13, down less than 2 percent from the close.
The company issued third-quarter revenue of $10.675 billion, up about 7 percent from the $10 billion reported during the same quarter last year. Sales to Disney's Media Networks segment rose 5 percent, Parks and Resorts sales were up 12 percent, Studio Entertainment saw sales decline 1 percent, the Consumer Products unit saw sales rise 13 percent and the Interactive Media segment posted a strong 27 percent gain in revenue.
Net income for the quarter ended July 2, 2011 totaled $1.476 billion, up 11 percent from the $1.33 billion posted in the year-ago quarter. Earnings per share rose 15 percent from 67 cents last year to 77 cents.
The Street was looking for quarterly revenue of $10.45 billion and EPS of 73 cents.
Bob Iger, President and CEO, said, "Our third quarter demonstrates the continued strength of our Media Networks, including ESPN, Parks and Resorts and Consumer Products. In these turbulent times, our company and its array of strong brands are well-positioned to deliver long-term shareholder value."
Free cash flow over the quarter fell a sharp 20 percent from $1.377 billion in the same quarter during 2010 to $1.106 billion.
The company issued third-quarter revenue of $10.675 billion, up about 7 percent from the $10 billion reported during the same quarter last year. Sales to Disney's Media Networks segment rose 5 percent, Parks and Resorts sales were up 12 percent, Studio Entertainment saw sales decline 1 percent, the Consumer Products unit saw sales rise 13 percent and the Interactive Media segment posted a strong 27 percent gain in revenue.
Net income for the quarter ended July 2, 2011 totaled $1.476 billion, up 11 percent from the $1.33 billion posted in the year-ago quarter. Earnings per share rose 15 percent from 67 cents last year to 77 cents.
The Street was looking for quarterly revenue of $10.45 billion and EPS of 73 cents.
Bob Iger, President and CEO, said, "Our third quarter demonstrates the continued strength of our Media Networks, including ESPN, Parks and Resorts and Consumer Products. In these turbulent times, our company and its array of strong brands are well-positioned to deliver long-term shareholder value."
Free cash flow over the quarter fell a sharp 20 percent from $1.377 billion in the same quarter during 2010 to $1.106 billion.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Vireo Growth completes acquisition of C21 Investments
- Morgan Stanley course-corrects their semiconductor equipment outlook on demand
Create E-mail Alert Related Categories
Corporate News, EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
