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What to Expect From Disney Earnings

Disney corporate headquarters in Burbank, California.
Reed Saxon
Disney corporate headquarters in Burbank, California.

Will Disney benefit from an advertising rebound and a return of consumer spending?

That's what Wall Street will be looking for when the media giant reports its fiscal second quarter earnings after the market close.

Analysts and investors will also be looking for any forward-looking comments; What kind of impact will an NFL lockout have on the company? What do ABC and Disney's cable networks, including ESPN, expect to see at the Upfronts? How is consumer spending holding up at the parks? And will higher oil prices slam the parks?

Wall Street analysts expect Disney to report $9.127 billion in revenue, up 6 percent from a year ago, and earnings per share of 57 cents, an 18 percent increase, according to Thomson.

Advertising should help drive Disney's results higher. And earnings results at the other media giants, including Time Warner and CBS indicate that advertising spending is rebounding across the board — both in cable and broadcast. ESPN should report another quarter of strong advertising growth, though in the following quarter it faces tough comparisons to last year's World Cup. ABC should benefit from strong pricing in the scatter market, but perhaps not as much as its rivals like CBS who have seen a big rise in ratings.

Though Disney doesn't provide earnings or revenue forecasts it has a track record of beating analyst estimates, which it'll have a hard time maintaining this quarter because of a number of factors. First — the Japanese earthquake and Tsunami is expected to have a fifteen million dollar impact on the parks division. And second, the studio suffered a major blow from 'Mars Needs Moms,' which bombed, and is expected to result in a roughly $50 million write down. Still, the expectations for the domestic parks and the cable networks in particular are strong.

I have an exclusive interview with Disney CEO Bob Iger, after the company reports earnings in the 4 pm eastern hour on CNBC today.

I hope you'll tune in to watch.

Questions? Comments? MediaMoney@cnbc.com