Disney Fiscal Q1 Earnings And Revenues Beat Expectations

The company had warned that the year-end quarter would be more complicated than usual, but the results may come as a mildly encouraging surprise. Disney reported net income of $1.38B, -5.6% vs the period last year, on revenues of $11.34B, +5.2%. Revenues came in ahead of the expected $11.21B. Earnings at 79 cents a share not including one-time items beat forecasts for 76 cents. At the largest unit, Media Networks, revenues were up 7% to $5.1B with operating income +2% to $1.2B. Income at the cable networks fell slightly due to higher programming and production costs including ESPN‘s outlays for college football, NFL, and NBA games. But ABC helped out with higher ad sales, including political ads at the TV stations. The Studio Entertainment operation fared less well with revenues -5% to $1.5B and operating income -43% to $234M. Disney says that the theatrical and home video releases couldn’t match last year when Real Steel was going strong at overseas box offices and both Cars 2 and The Lion King 3D on the shelves. It also noted an expense of $321M set aside in light of losing final appeals in a breach of contract suit involving affiliates ABC, Buena Vista TV and Valleycrest Prods over Who Wants To Be A Millionaire.

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This article was printed from https://deadline.com/2013/02/disney-fiscal-q1-earnings-and-revenues-beat-expectations-422288/