Disney (DIS) Tops Q3 EPS by 3c
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(Updated: 6:00PM ET)
Disney (NYSE: DIS) reported Q3 EPS of $1.45, $0.03 better than the analyst estimate of $1.42. Revenue for the quarter came in at $13.1 billion versus the consensus estimate of $13.23 billion.
"We’re very pleased with our performance in the third quarter, with record net income and diluted earnings per share of $1.45, up 13% from the prior year,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “The strong results across our many diverse lines of business demonstrate the power of our unparalleled brands, franchises and creative content."
On the earnings conference call, Iger said ESPN experienced "modest" subscriber losses as viewing habits have shifted to digital platforms. However, he said he has enormous confidence in ESPN's future growth.
Media Networks revenues for the quarter increased 5% to $5.8 billion and segment operating income increased 4% to $2.4 billion.
Operating income at Cable Networks increased 7% to $2.1 billion for the quarter due to growth at the domestic Disney Channels, ABC Family and ESPN.
Operating income at Broadcasting decreased 15% to $300 million for the quarter driven by higher programming costs, lower advertising revenue and higher labor related costs, partially offset by growth in affiliate fees and higher program sales revenue from SVOD distribution.
Parks and Resorts revenues for the quarter increased 4% to $4.1 billion and segment operating income increased 9% to $922 million.
Studio Entertainment revenues for the quarter increased 13% to $2.0 billion and segment operating income increased 15% to $472 million. Higher operating income was due to an increase in theatrical distribution, growth at international television distribution and a higher revenue share with the Consumer Products segment.
Consumer Products revenues for the quarter increased 6% to $954 million and segment operating income increased 27% to $348 million.
Interactive revenues for the quarter decreased by $58 million to $208 million and segment operating income decreased by $29 million to break-even.
For earnings history and earnings-related data on Disney (DIS) click here.
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