Disney reported third quarter adjusted earnings per share of $1.28 on revenue of $12.47 billion. The news was first published by the famous website, Businesswire. To see the details click here.
Back to the point. Analysts were looking for earnings per share of $1.16 on revenue of $12.16 billion, according to data from Bloomberg. In after hours of trade following the report, shares of Disney were up 0.5%.
Revenue at Disney’s media networks segment grew 3% to $5.5 billion, while parks and resorts revenue was up 8% to $3.9 billion and studio entertainment revenues grew 14% to $1.8 billion.
On the other hand, free cash flow decreased 25% from the prior year quarter, falling to $2.05 billion from $2.72 billion.
Disney themselves reported that operating income in its cable networks segment fell 7% which took them to $1.9 billion. This happened due to a decrease at ESPN. The company this was due to “higher programming and production costs, decreased recognition of previously deferred revenue and the absence of ESPN UK, which was sold in the fourth quarter of the prior year.”
“Frozen” again bolstered Disney’s results, with the company saying that income in its worldwide home entertainment segment was driven by unit sales growth, reflecting the success of “Frozen”.
In its second quarter, the media giant reported adjusted earnings per share of %1.11 on revenue of $11.65 billion and reported studio entertainment revenue that was up a whopping 35% over the prior year, reflecting the success of its own “Frozen” and “Thor: The Dark World” huge titles.
Disney has always been a spectacular host to many memorable names like the 2009 hit, UP. And all the movies they have produced have been great eye candy. On the other side, they always have a moral in the end.