Disney's quarterly results surpass Wall Street expectations; shares up
May 9, 2013, 12:08 am TWN
LOS ANGELES--Revenue gains at Disney's parks and movie studio led to a 32-percent increase in net income during the January-March quarter. The results, which topped analyst expectations Tuesday, showed that the company's record-setting investments in a new cruise ship and multiple theme park upgrades last year are starting to pay off.
Net income grew to US$1.51 billion, or 83 cents per share. Factoring out one-time items, adjusted earnings came to 79 cents per share, beating the 77 cents expected by analysts surveyed by FactSet.
Revenue grew 10 percent to US$10.55 billion, also topping the US$10.49 billion expected by analysts.
Parks and resorts revenue rose 14 percent to US$3.30 billion, thanks to higher attendance and guest spending at U.S. parks in Anaheim, California, and Orlando, Florida.