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Disney Profit Tops Forecasts, but Revenue Falls Short
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CNBC.com |
Walt Disney reported lower quarterly earnings that topped analysts' forecasts, but the company's shares declined in extended trading as its revenue missed predictions.
The company was hit by global economic woes that pulled down operating profits by double digits at its powerhouse media networks and theme parks.
Disney earned 52 cents a share, excluding one-time items, in its fiscal third quarter, compared with 62 cents a share in the same period last year.
Sales reached $8.6 billion in the most recent quarter, down from $9.236 billion last year.
Video: CNBC's David Faber provides an in-depth look at Disney's earnings.
Analysts who follow Disney expected the company report a profit of 50 cents a share on sales of $8.83 billion, according to a consensus estimate from Thomson Reuters.
Still, the 19 percent decline in park profits compared favorably with last quarter's 50 percent decline, and cable networks were pushed lower by a shift in revenue recognition at ESPN, rather than pure weakness in the advertising market, Disney officials said.
Chief Executive Bob Iger told analysts on a conference call that he saw signs of the economy stabilizing, though he warned that the pace and extent of any recovery remained uncertain.
Disney shares [DIS
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], which closed Thursday at $26.22, lost 2 percent in extended trading. Get after-hour quotes for Walt Disney here.
The shares rose 31 percent in the company's third fiscal quarter.
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