Disney reported a modest lift in its fourth quarter earnings, even though revenues were buffeted by Hurricane Irma.
The company posted per-share earnings of $1.13, or $1.7 billion, for its quarter ending in September. That beat Thomson Reuters consensus estimates of $1.12 per share. Excluding items that affect compatibility, such as the gain from Disney’s acquisition of controlling interest of BAMTech, earnings per share for the quarter decreased 3% from $1.10 in the prior-year to $1.07.
Revenue fell to $12.8 billion, falling short of Wall Street’s projections of $13.23 billion. Disney said its results were impacted by Irma in Florida, which forced the Walt Disney World Resort to close for two days. The bottom line also was impacted by the decision to cancel the animated film Gigantic, a Jack and the Beanstalk tale.
The media giant has been focused intently on the future, positioning its television business to survive as consumers increasingly embrace streaming services like Netflix.
Disney’s recently reported talks to acquire Fox’s entertainment cable networks, its film and TV studio, as well as its share of the Hulu television service, would seem to position the company for world in which entertainment is delivered directly to consumers.
During a conference call with analysts kept to a tight 35 minutes, Fox pre-emptively said it would not discuss “press speculation” about its reported talks with Disney for a sale of film and TV assets or the state of regulators’ review of its $14 billion-plus Sky bid.