Here's what we want to hear from Disney on earnings after the bell

Published Wed, May 11 202212:42 PM EDTUpdated Wed, May 11 20222:11 PM EDT

Kevin Stankiewicz @in/kevin-stankiewicz-b5593466 @kevin_stank

Club holding Walt Disney Co. (DIS) is scheduled to report second-quarter earnings after the close Wednesday. Ahead of the release, we wanted to brief Club members on what we hope to hear from the media and entertainment giant, which has seen its stock struggle along with the broader market so far this year. Shares were up over 1% on Wednesday. We want to see the latest quarter before deciding on what to do next. Here's what Wall Street is expecting for Disney's second-quarter, according to the consensus FactSet estimate: Earnings per share: $1.19 Revenue $20.05 billion In its most recent earnings report, in February, Disney beat analyst expectations on the top and bottom lines in what we described as a blockbuster quarter . Parks, Experiences and Products Analysts expect this segment's revenue to total $6.29 billion in Q2. This segment basically has a "license to print money," Jim Cramer said Wednesday morning on CNBC. "It's a fabulous business." Demand to visit Disney's theme parks has been remarkable, and this division generated the majority of the company's operating income last quarter, despite making up about one-third of revenue. We're looking to see how well that strength has held up as inflation continued to run hot during Q2. We've been on the record for months saying we think Wall Street has not given this part of Disney's business enough love. We still believe the situation in Florida surrounding the revocation of Disney's special district status in the state is headline noise and won't have any material long-term effects on the company. Media and Entertainment distribution Analysts expect quarterly revenue to total $14.72 billion in this segment. This is where results for Disney+ are reported. We, along with Wall Street more broadly, will be looking to see how subscriber growth is doing, as people spend less time at home during these later stages of the Covid pandemic. Disney+ results are important for the stock in all quarters, but we're especially interested to see how Q2 numbers and guidance looks in light of Netflix's tough report last month , which included Netflix's first subscriber loss in over a decade. Analysts expect Disney+ subscribers to total 134.38 million, according to Bloomberg. ESPN also falls within this segment, and we're curious to see whether management attempts to shine a spotlight on this part of Disney's media empire. In past years, it was a key focus of investors, but Disney+ supplanted it as of late. In particular, we're wondering if management talks about its strategy around sports betting and ESPN's various properties, including its traditional cable channels and its ESPN+ streaming product. One thing to keep in mind: Disney's summer blockbuster film, "Doctor Strange in the Multiverse of Madness," brought in $450 million ticket sales globally during its debut over the weekend, but Wednesday's results are for the quarter ending in March. Still, the film's success is a bright spot as it feeds into Disney's so-called flywheel revenue machine that uses characters from its movies and television series in theme parks and merchandising. Each offering aims to bring more and more people to engage and spend on everything Disney. (Jim Cramer's Charitable Trust is long DIS. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

A view of the Walt Disney World theme park entrance in Lake Buena Vista, Florida, July 11, 2020.

Octavio Jones | Getty Images