Disney posts an unexpected rise in 1Q
Media giant says improvement in theme parks and TV networks help boost earnings.
January 31, 2005: 4:39 PM EST
LOS ANGELES (Reuters) - Walt Disney Co. posted an unexpected rise in quarterly earnings on Monday as theme parks and media networks units showed improvement.
Net income rose to $723 million or 35 cents a share in the fiscal first quarter ended in December from $688 million or 33 cents a share a year earlier.
Revenue was $8.7 billion, compared with $8.5 billion a year earlier.
The earnings included a net 1-cent-per-share benefit from tax matters and restructuring and a 1-cent benefit from a change in the calendar. Even excluding those items, the results topped Wall Street expectations of 29 cents a share, according to Reuters Estimates.
Disney confirmed that it expects double-digit earnings growth this fiscal year.
Shares of Disney (Research) closed 40 cents, or 1.4 percent, higher at $28.63 on the New York Stock Exchange.
CNNmoney.com
Media giant says improvement in theme parks and TV networks help boost earnings.
January 31, 2005: 4:39 PM EST
LOS ANGELES (Reuters) - Walt Disney Co. posted an unexpected rise in quarterly earnings on Monday as theme parks and media networks units showed improvement.
Net income rose to $723 million or 35 cents a share in the fiscal first quarter ended in December from $688 million or 33 cents a share a year earlier.
Revenue was $8.7 billion, compared with $8.5 billion a year earlier.
The earnings included a net 1-cent-per-share benefit from tax matters and restructuring and a 1-cent benefit from a change in the calendar. Even excluding those items, the results topped Wall Street expectations of 29 cents a share, according to Reuters Estimates.
Disney confirmed that it expects double-digit earnings growth this fiscal year.
Shares of Disney (Research) closed 40 cents, or 1.4 percent, higher at $28.63 on the New York Stock Exchange.
CNNmoney.com