Walt Disney Q4 Results Top Wall Street - Update
11/8/2018 4:38 PM
Media and entertainment giant Walt Disney Co. (DIS), Thursday reported a 33 percent surge in fourth-quarter profit, driven largely by growth in park and resorts as well as studio businesses. Both earnings and revenues for the quarter trumped Wall Street estimates.
Burbank, California-based Disney's fourth-quarter profit rose to $2.32 billion or $1.55 per share from $1.75 billion or $1.13 per share last year.
Adjusted earnings for the quarter were $1.48 per share, compared with $1.07 per share last year. Analysts polled by Thomson Reuters estimated earnings of $1.34 per share.
Revenues for the quarter grew 12 percent to $14.31 billion from $12.78 billion last year. Analysts had a consensus revenue estimate of $13.73 billion.
"We're very pleased with our financial performance in fiscal 2018, delivering record revenue, net income and earnings per share," said CEO Robert Iger.
"We remain focused on the successful completion and integration of our 21st Century Fox acquisition and the further development of our direct-to-consumer business, including the highly anticipated launch of our Disney-branded streaming service late next year."
Disney has agreed to acquire 21st Century Fox (FOX, FOXA) for $71 billion. Disney will absorb Fox's storied film and television studios as well as stakes in the Sky PLC pay-television company and the Hulu video-streaming service.
Media networks segment's revenues rose 9 percent to $5.96 billion, while parks and resorts units increased 9 percent to $5.07 billion.
Studio entertainment revenues jumped 50 percent to $2.15 billion, driven largely strong box office performance of "Incredibles 2" and "Ant-Man and the Wasp." Consumer products & interactive media division revenues declined 8 percent to $1.12 billion.
DIS closed Thursday's trading at $116.09, down $0.96 or 0.82% on the NYSE. The stock, however, gained $1.91 or 1.65% in the after-hours trade.
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