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The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2019

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The Walt Disney Company (NYSE:DIS) today reported earnings for its fourth quarter and fiscal year ended September 28, 2019. Diluted earnings per share (EPS) from continuing operations for the fourth quarter decreased 72% to $0.43 from $1.55 in the prior-year quarter. Excluding certain items affecting comparability(1), diluted EPS for the quarter decreased 28% to $1.07 from $1.48 in the prior-year quarter. Diluted EPS from continuing operations for the year decreased 25% to $6.27 from $8.36 in the prior year. Excluding certain items affecting comparability(1), diluted EPS from continuing operations for the year decreased 19% to $5.77 from $7.08 in the prior year.

"Our solid results in the fourth quarter reflect the ongoing strength of our brands and businesses," said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and we're excited for the launch of Disney+ on November 12."

On March 20, 2019, the Company acquired Twenty-First Century Fox, Inc., which was subsequently renamed TFCF Corporation (TFCF), for cash and the issuance of 307 million shares. Additionally, as part of the TFCF acquisition, we acquired a controlling interest in Hulu LLC (Hulu). Results for the current quarter and fiscal year reflect the consolidation of TFCF and Hulu.

The following table summarizes the fourth quarter and full year results for fiscal 2019 and 2018 (in millions, except per share amounts):

 

Quarter Ended

 

 

 

Year Ended

 

 

 

Sept. 28, 2019

 

Sept. 29, 2018

 

Change

 

Sept. 28, 2019

 

Sept. 29, 2018

 

Change

Revenues

$

19,100

 

 

$

14,306

 

 

34 %

 

 

$

69,570

 

 

$

59,434

 

 

17 %

 

Income from continuing operations before income taxes

$

1,258

 

 

$

3,202

 

 

(61)%

 

 

$

13,944

 

 

$

14,729

 

 

(5)%

 

Total segment operating income(1)

$

3,436

 

 

$

3,277

 

 

5 %

 

 

$

14,868

 

 

$

15,689

 

 

(5)%

 

Net income from continuing operations(2)

$

785

 

 

$

2,322

 

 

(66)%

 

 

$

10,441

 

 

$

12,598

 

 

(17)%

 

Diluted EPS from continuing operations(2)

$

0.43

 

 

$

1.55

 

 

(72)%

 

 

$

6.27

 

 

$

8.36

 

 

(25)%

 

Diluted EPS excluding certain items affecting comparability(1)

$

1.07

 

 

$

1.48

 

 

(28)%

 

 

$

5.77

 

 

$

7.08

 

 

(19)%

 

Cash provided by continuing operations

$

1,718

 

 

$

3,853

 

 

(55)%

 

 

$

5,984

 

 

$

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