Disney Tops Q2 Views, Shares Gain

Shares of

gained over 2 percent in pre-market trading after the company reported stronger-than-expected results for the fiscal second quarter. The Burbank, California-based company reported a quarterly profit of $2.11 billion, or $1.23 per share, versus a year-ago profit of $1.92 billion, or $1.08 per share. Excluding certain items, the company's earnings surged to $1.23 per share from $1.11 per share. Its revenue jumped to $12.46 billion from $11.65 billion. However, analysts were estimating earnings of $1.11 per share on revenue of $12.25 billion. The average estimate among 90 Estimize users was for earnings of $1.17 per share and revenue of $12.48 billion. Revenue at the company's media networks gained 13 percent to $5.8 billion, while profit declined 2 percent to $2.1 billion. Operating income at the company's broadcasting climbed 90 percent to $302 million, while operating income at cable networks fell 9 percent to $1.8 billion. Revenue at Disney's movie studio slipped 6 percent to $1.7 billion, while profit fell 10 percent to $427 million. Revenue at the company's parks and resorts segment rose 6 percent to $3.8 billion, while profit jumped 24 percent to $566 million. Consumer products sales gained 10 percent to $971 million, while profit surged 32 percent to $362 million. Interactive revenue slipped 12 percent to $235 million, while profit gained by $12 million to $26 million. "Our second quarter performance, marked by increased revenue, net income and EPS of $1.23, demonstrates the incredible ability of our strong brands and quality content to drive results," said Robert A. Iger, chairman and chief executive officer of The Walt Disney Company. "The power of this winning combination is once again reflected in the phenomenal worldwide success of Marvel's Avengers: Age of Ultron, which has opened at number one in every market so far." Disney shares gained 2.36 percent to $113.65 in pre-market trading.