Needham & Company Lifts Estimates on Disney (DIS) Ahead of Q2 Results

Needham & Company raised estimates on Walt Disney (NYSE: DIS) ahead of Q2 results on Tuesday, May 7, 2013 after the market closes.

The firm raised 2Q 2013 Revenue of $10.475B (up 9% y/y and 2% higher than previous estimates), Segment Operating Income of $2.439B (up 25% y/y and 7% above previous estimates), and Operating EPS of $0.76 (up 32% y/y and 2% higher than previous estimates).

"Our revised estimates reflect: (i) lower than expected ratings decline at the Networks; (ii) better than expected cruise ship bookings as well as higher than previously estimated park attendance, aided by Easter break occurring during the quarter; (iii) better than
previously estimated results in the Studio Entertainment division, primarily due to the success of Oz: The Great and Powerful, as well as the home video release of Wreck-It Ralph; (iv) fine tuning our estimates for Consumer Products division and Interactive,
which we expect to be higher than previously anticipated; and, (v) fine tuning our estimates for Corporate expenses and interest expense to be more in line with last quarter’s performance."

Despite the raised estimates, Needham & Company is maintaining a Hold rating.

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 $59.14 yesterday.

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