Disney Loses 6% After Q4 Results; Stock at 4 Month Low
Walt Disney (NYSE: DIS) released its fiscal fourth-quarter earnings results on Thursday after the closing bell. In the wake of the results, the stock has fallen almost six percent on Friday and is sitting near a four month low. At last check, shares were trading hands at $47.07.
The company reported net income of $1.24 billion or $0.68 per share in the quarter, compared to $1.09 billion or $0.58 per share, in last year's corresponding period. This was in-line with Wall Street analysts' consensus earnings per share estimates of $0.68.
Revenue in the fourth quarter was up three percent to $10.78 billion from $10.43 billion last year. This came up short of Wall Street revenue expectations of $10.92 billion.
Revenue at the company's media networks segment, which includes ESPN and ABC, were up two percent to $4.88 billion. Operating income in the division rose 7 percent to $1.57 billion driven by gains in the cable networks segment.
Revenue from the company's parks and resorts rose nine percent to $3.43 billion and operating income jumped 18 percent to $497 million.
The studio and entertainment division saw sales fall 4 percent in the fourth quarter to $1.4 billion and operating income plunged 32 percent to just $80 million. The results were negatively impacted by a decrease in worldwide theatrical results.
Consumer products revenue rose 8 percent to $883 million in the quarter and operating income surged 29 percent to $267 million.
Interactive Media revenue was down 14 percent to $191 million and the division reported an operating loss of $76 million.
Last month, Disney agreed to buy Lucasfilm Ltd. from Star Wars creator George Lucas in a $4.05 billion cash and stock deal. The company said that it plans to release a new Star Wars film every two to three years.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.