The Walt Disney Co. reported a massive jump in net income for its fiscal second quarter, according to a report by the Los Angeles Times, lifted by the performance of its media networks, movie studio and theme parks.
Exceeding analyst expectations, the Burbank company posted net income of $1.51 billion for the quarter that ended March 30, up 32 percent from a year earlier. Revenue rose 10 percent to $10.55 billion.
“We’re obviously pleased with our second quarter,” said Robert Iger, chairman and CEO, the Walt Disney Co. “Our results reflect our successful strategy, the strength of our brands and the value of our high-quality creative content, all of which continue to drive long-term growth and shareholder value.”
Overall revenue was up six percent at Disney’s media networks to nearly $5 billion, with cable up nine percent to $3.5 billion and profits up 15 percent to $1.7 billion. ABC held down broadcast results, with profits falling 40 percent to $138 million as sales were off two percent to $1.5 billion.
Disney’s theme parks revenue – the company’s second-largest unit -- rose 14 percent to $3.3 billion. Disney Cruise Line bookings were also mostly sold out during the quarter.
Disney’s studio division – riding on the success of Oz the Great and Powerful, and strong home entertainment sales of Wreck-It Ralph -- helped the studio generate $1.3 billion in revenue (up 13 percent) and $118 million in profit, versus a loss of $84 million during the same time period a year ago when John Carter was released.
The consumer products division saw revenues increase 12 percent to $763 million, while profits rose 35 percent to $200 million, with merchandise based on Disney Channel’s shows, Mickey and Minnie Mouse, and Marvel’s properties selling particularly well.
Disney’s interactive division also narrowed its loss to $54 million, from a loss of $70 million, as revenue from the games and online group rose 8 percent to $194 million during the quarter.
Disney’s stock, which already closed at record highs late last month at around $63, is now trading at a record $66.07, up $1.01 over Monday, a gain of 1.55 percent.