Shares of Walt Disney (DIS) have gained 2.2% to $73.30 at 5:06 p.m. in after-hours trading after the entertainment giant beat earnings forecasts.
Walt Disney Co./Everett Disney said it earned $1.04 a share during its first quarter of 2014, up from 79 cents a year ago and ahead of analyst forecasts for a profit of 92 cents. Revenue came in at $12.31 billion, besting forecasts for $11.2 $12.25 billion. Studio-entertainment income rose 75% thanks to the strong performance of Frozen and Thor: the Dark World. Profits at Disney’s Media Networks division rose 20%
In a press release, Disney CEO commented on the company’s results:
We had an incredibly strong first quarter, delivering a 32% increase in adjusted earnings per share and double-digit increases in operating income in all business segments…These results reflect the strength of our unprecedented portfolio of brands, a constant focus on creativity and innovation, and the continued success of our long-term strategy.
Sterne Agee’s Vasily Karasyov and Kutgun Maral call it “a big quality beat.” They write:
1QFY14 results look strong with $0.10 of the $0.12 EPS beat driven by operating income upside. Barring cautious forward looking commentary on the call, the stock should respond well.
Cable Networks operating income (OI) $1.28 bln vs. $1.13 bln est., margin 34.0% vs. 29.7% forecast BOTH MUCH BETTER
Broadcasting OI $178 mln WORSE than $283 mln est.
Parks revenue and OI GENERALLY IN LINE at $3.60 bln and $671 mln, respectively, margin BETTER at 18.7%
Film OI $409 mln vs. $283 mln est. MUCH BETTER
Consumer Products OI $430 mln BETTER than $391 mln forecast
Interactive OI BEAT by $59 mln
Shares of Walt Disney were down 6.1% this year at today’s close.
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