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Disney shares drop 4 percent after CEO Iger warns profits will be the same as last year

  • Disney CEO Bog Iger tanked media stocks on Thursday lowering earning guidance versus Street estimates.
  • Iger said the company will report earnings per share this year "roughly in line" with what Disney generated in fiscal year 2016 at the Bank of America Merrill Lynch 2017 Media, Communications & Entertainment Conference.
  • The company reported $5.72 in earnings per share for fiscal 2016. The current Thomson Reuters estimate for fiscal 2017 earnings per share is $5.88.

Disney CEO Bog Iger warned profits this year would be similar to last year, sending shares of the media giant and others in the industry tumbling on Wednesday.

Iger said the company will report earnings per share this year "roughly in line" with what Disney generated in fiscal year 2016 at the Bank of America Merrill Lynch 2017 Media, Communications & Entertainment Conference.

The company reported $5.72 in earnings per share for fiscal 2016. The current Thomson Reuters estimate for fiscal 2017 earnings per share is $5.88.

Disney shares declined 4.4 percent following the comments. CBS and Twenty-First Century Fox both fell more than 2 percent respectively.

The CEO also revealed at the conference the media giant's Marvel and Star Wars titles will go exclusively to the new Disney streaming platform, which is set to launch in late 2019.