Disney profit tops views on Theme Park, consumer products gains
By Bloomberg
Walt Disney Co. reported second-quarter profit that beat analysts’ estimates, bolstered by improving results at its theme-park and merchandise units in a period that lacked a major blockbuster like “Frozen.”
Earnings at the world’s largest entertainment company totaled $1.23 a share excluding some items, according to a statement Tuesday. That compares with the $1.10-a-share average of analysts’ estimates compiled by Bloomberg. Sales rose 7 percent to $12.5 billion, above the $12.3 billion average projection.
Price increases in California and Florida boosted profit at Disney’s theme parks. The Burbank, California-based company is benefiting from investments made during leaner years to attract more guests in an improved economy. That helped to counter drops at the film unit, which was churning out “Frozen” DVDs a year ago.
The shares, which were little changed on Monday, have advanced 18 percent this year to record levels.
Disney, which typically reports quarterly results after markets close, moved its earnings announcement to Tuesday morning to allow its executives to attend the funeral of Survey Monkey CEO David Goldberg, who died unexpectedly over the weekend. Goldberg’s wife, Facebook Inc. Chief Operating Officer Sheryl Sandberg, is a Disney board member.
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