2/7/2012 5:30 PM ET
(RTTNews) - Diversified media and entertainment conglomerate Walt Disney Co. (DIS: News ) said Tuesday after the markets closed that its first quarter profit rose 12% from last year, helped mainly by growth at ESPN as well as increased guest spending and attendance at the company's domestic theme parks. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.
The Burbank, California-based company reported net income for the first quarter of $1.46 billion or $0.80 per share, compared to $1.30 billion or $0.68 per share for the year-ago quarter.
On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.72 per share for the first quarter.
Segment operating income for the quarter grew 11% to $2.44 billion from $2.21 billion a year earlier.
Revenue for the first quarter increased 1% to $10.78 billion from $10.72 billion in the same quarter last year. Twenty-five analysts had a consensus revenue estimate of $11.18 billion for the first quarter.
First quarter revenue from the company's media network segment, which includes cable network ESPN and broadcaster ABC, rose 3% year-over year to $4.78 billion, while the segment's operating income for the quarter surged 12% to $1.19 billion.
Operating income at Cable Networks rose 25% to $967 million in the first quarter due to growth at at ESPN and, to a lesser extent, the worldwide Disney Channels. Operating income at Broadcasting fell 23% to $226 million, hurt by lower political advertising revenues at the company owned television stations and higher marketing costs.
Revenue from the company's studio entertainment division fell 16% to $1.6 billion in the first quarter, but the division's operating income for the quarter increased 10% to $413 million. The revenue decline was due to 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.
First quarter revenue from parks and resorts grew 10% to $3.16 billion, while segment operating income increased 18% to $553 million, driven by growths at the company's domestic parks and resorts and Disney Cruise Line.
Consumer Products revenues for the quarter increased 3% to $948 million. The segment's operating income grew slightly to $313 million from $312 million last year.
Interactive Media revenues for the quarter dropped 20% to $279 million, while the division's operating loss widened to $28 million from $13 million last year.
"We're off to a good start in this fiscal year executing on our ongoing strategy, deriving greater value from our brands - Disney, Pixar, Marvel, ESPN and ABC - in the U.S. and around the globe," said Disney President and CEO Robert Iger.
 | | To receive FREE breaking news email alerts for Walt Disney Co and others in your portfolio |
|
1
2
Next Page