Needham & Company Maintains a 'Hold' on Walt Disney (DIS); FY1Q12 Analysis & Highlights
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Price: $104.98 -1.75%
Rating Summary:
35 Buy, 19 Hold, 4 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
Rating Summary:
35 Buy, 19 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
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Needham & Company maintains a 'Hold' on Walt Disney (NYSE: DIS).
Analyst, Laura Martin, said, "DIS reported revenue of $10.8 billion (up 1% y/y and 3% below our estimates) and Operating EPS of $0.80 (up 19% y/y and 12% above our estimate). Highlights from DIS’s earnings call included: 1) Parks & Resorts: In FY1Q12, attendance at DIS’s US parks was up 3% and per capita spending was up 8%, driven by higher ticket prices and higher food and beverage spending. Average per room spending at DIS’s US hotels was up 6% while occupancy levels were flat. The increase in per room spending was driven by higher pricing and a reduction of promotional room nights. In FY2Q12 to date, DIS’s US resort reservations are pacing up mid-single digits y/y, and booking rates are also up mid-single digits; 2) Media Networks segment revenue grew 3%, driven by 8% growth for the Cable Networks group, partially offset by 7% lower revenue in the Broadcasting group. In the current quarter (FY2Q12), scatter pricing at the ABC network is running up mid-teens above June 11 upfront levels and ABC TV stations’ ad sales are pacing down single digits; and 3) Return of Capital. DIS repurchased 23mm shares in FY1Q12 (for about $800 million)."
Needham raises FY12 EPS estimate from $2.87 to $2.96, but cuts revs from $43.396 bln to $43.009 bln.
For an analyst ratings summary and ratings history on Walt Disney click here. For more ratings news on Walt Disney click here.
Shares of Walt Disney closed at $40.98 yesterday.
Analyst, Laura Martin, said, "DIS reported revenue of $10.8 billion (up 1% y/y and 3% below our estimates) and Operating EPS of $0.80 (up 19% y/y and 12% above our estimate). Highlights from DIS’s earnings call included: 1) Parks & Resorts: In FY1Q12, attendance at DIS’s US parks was up 3% and per capita spending was up 8%, driven by higher ticket prices and higher food and beverage spending. Average per room spending at DIS’s US hotels was up 6% while occupancy levels were flat. The increase in per room spending was driven by higher pricing and a reduction of promotional room nights. In FY2Q12 to date, DIS’s US resort reservations are pacing up mid-single digits y/y, and booking rates are also up mid-single digits; 2) Media Networks segment revenue grew 3%, driven by 8% growth for the Cable Networks group, partially offset by 7% lower revenue in the Broadcasting group. In the current quarter (FY2Q12), scatter pricing at the ABC network is running up mid-teens above June 11 upfront levels and ABC TV stations’ ad sales are pacing down single digits; and 3) Return of Capital. DIS repurchased 23mm shares in FY1Q12 (for about $800 million)."
Needham raises FY12 EPS estimate from $2.87 to $2.96, but cuts revs from $43.396 bln to $43.009 bln.
For an analyst ratings summary and ratings history on Walt Disney click here. For more ratings news on Walt Disney click here.
Shares of Walt Disney closed at $40.98 yesterday.
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