Disney (DIS) Reports Mixed Q1 Numbers; Investors Not in 'Happiest Place'

February 7, 2012 4:44 PM EST
Disney (NYSE: DIS) shares are lower after hours Tuesday following the company's first-quarter report which produced mixed results.

Revs rose just 1 percent from $10.716 billion during the same period last year to $10.779 billion.

Net income popped 12 percent to $1.464 billion, or 80 cents per diluted share.

The Street was looking for revs of $11.18 billion and EPS of 72 cents.

Making big revenue gains in the quarter was Disney's Parks and Resorts segment which showed a 10 percent increase to $3.155 billion. Sales to the Interactive Media unit totaled $279 million, a 20 percent year-over-year decline.

For Media Networks, which saw a 3 percent gain in revs, the growth was attributed largely to ESPN, though Disney commented, "[a]dvertising revenues at ESPN were essentially flat as higher rates and units sold were offset by decreased ratings and a shift in the timing of the Rose Bowl, Fiesta Bowl and certain NBA games relative to our fiscal period end."

For Parks and Resorts, growth was driven by better guest spending, partially offset by increased costs.

On Studio Entertainment, Disney commented, "The revenue decline was driven by fewer Disney branded titles in wide theatrical release in the current quarter along with an adverse impact from the timing of title availabilities in television markets and lower DVD volumes."

Shares of Disney are down less than 2 percent in late trading.

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