Disney 2nd-Qtr Profit Rises 71% as Park, Cable Sales Increase
May 12 (Bloomberg) -- Walt Disney Co., the second-largest U.S. media company, said fiscal second-quarter profit rose 71 percent as sales increased at its theme parks and cable networks.
Net income rose to $537 million, or 26 cents a share, from $314 million, or 15 cents, a year earlier, the company said in a statement distributed by Business Wire. Sales at Burbank, California-based Disney jumped 11 percent to $7.19 billion from $6.5 billion.
The results topped analysts' forecasts. Disney was expected to earn 21 cents a share, the average estimate of 24 analysts polled by Thomson Financial. Sales were forecast to rise to $6.85 billion, the average estimate of 15 analysts.
(Disney executives are scheduled to hold a conference call to discuss the results on May 12 at 4:30 p.m. New York time. For a webcast of the call, go to
http://www.disney.com/investors . A replay will be available in the U.S. at (1)(877) 519-4471, using code 4602260, or for international callers at (1)(973) 341-3080.)
To contact the reporters on this story:
Alex Armitage in Los Angeles at aarmitage[.at.]bloomberg.net.
To contact the editor responsible for this story:
Greg Baumann at gbaumann[.at.]bloomberg.net.
Last Updated: May 12, 2004 16:05 EDT
