Walt Disney Co (NYSE: DIS)
Shares of Walt Disney Company dropped $2.58, or 2.21% to trade at $113.98 in the after-hours session on Tuesday, having ended the regular session at $116.56.
The drop came after the entertainment giant revealed its third quarter net income and sales that fell short of Wall Street estimates.
However, the company announced solid growth in several of its business segments including Studio Entertainment and Parks & Resorts.
DIS Earnings & Outlook
The company said it had a net income of $2.92 billion and net income of $1.95 per diluted share. Adjusted earnings per share, which excludes non-recurring items, came to $1.87 per share, compared with $1.58 per share in the same quarter last year.
Total revenue jumped to $15.23 billion, from $14.24 billion in the year-ago period. Analysts were for adjusted earnings of $1.95 per share on revenue of $15.34 billion, according to figures compiled by Thompson Reuters.
The Media Networks and Parks & Resorts segments generated revenues of $6.16 billion and $5.19 billion, respectively. Its Studio Entertainment segment recorded $2.88 billion in revenue, while the Consumer Products & Interactive Media segment brought in $1.00 billion.
Walt Disney CEO Comments
“We’re pleased with our results in the quarter, including a double-digit increase in earnings per share, and excited about the opportunities ahead for continued growth. Having earned the overwhelming support of shareholders, we are more enthusiastic about the 21st Century Fox acquisition than ever, and confident in our ability to fully leverage these assets along with our own incredible brands, franchises and businesses to drive significant value across the entire company,” said Robert A. Iger, Walt Disney’s Chairman and Chief Executive Officer.
Walt Disney Company Profile
The Walt Disney Company is a diversified international family entertainment and media enterprise. It operates through four business segments: Media Networks, Parks & Resorts, Studio Entertainment and Consumer Products & Interactive Media.
The Media Networks segment includes cable and broadcast television networks, television production and distribution operations, domestic television stations, radio networks and stations.
The Parks and Resorts segment owns and operates the Walt Disney World Resort in Florida; the Disneyland Resort in California; Aulani, a Disney Resort & Spa in Hawaii; the Disney Vacation Club; the Disney Cruise Line; and Adventures by Disney.
The Studio Entertainment segment produces and acquires live-action and animated motion pictures, direct-to-video content, musical recordings and live stage plays. This segment distributes films primarily under the Walt Disney Pictures, Pixar, Marvel, Lucasfilm and Touchstone banners.
The Consumer Products & Interactive Media segment licenses the company’s trade names, characters and visual and literary properties to various manufacturers, game developers, publishers and retailers throughout the world.
It also develops and publishes games, primarily for mobile platforms, and books, magazines and comic books. This segment also distributes branded merchandise directly through retail, online and wholesale businesses.
The Walt Disney was founded in 1923 by Walter Elias Disney. Its headquarters are located in Burbank, California. –CNN