Market Overview

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.

Posted-In: Earnings News Guidance Intraday Update Movers Best of Benzinga

 

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