Walt Disney Co’s adjusted second-quarter net income declined as higher revenue from its parks was not enough to offset lower theatrical revenue.
However, the entertainment giant’s results still beat analysts’ expectations.
The lower theater revenue in the quarter that ended March 30 was due to tough comparisons from a year earlier, when the company released Black Panther and Star Wars: The Last Jedi. During the same period this year Disney released Captain Marvel.
Photo: AP
The quarter closed just ahead of the release of the Marvel movie Avengers: Endgame last month. That movie has become one of the most successful movies of all time.
Net income for the quarter ended March 30 jumped 85 percent to US$5.34 billion, or US$3.55 per share. Its bottom line got a big boost from a non-cash gain from its acquisition of controlling interest in streaming service Hulu.
Adjusting for that and other one-time items, Disney’s quarterly net income came to US$1.61 per share, down from US$1.84 a share a year earlier.
The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of US$1.59 per share.
Revenue edged up 3 percent to US$14.92 billion.
According to FactSet, analysts had expected US$14.56 billion.
Disney, which is based in Burbank, California, closed on its US$71 billion acquisition of 21st Century Fox Inc’s entertainment assets during the quarter. It is using Fox assets, including The Simpsons, National Geographic and other properties to help launch its streaming service Disney Plus in November.
Avengers: Endgame is slated to hit the service in December.
Its upcoming theatrical releases over the course of this year include live-action versions of Aladdin and The Lion King, as well as Maleficent: Mistress of Evil, Toy Story 4, Frozen 2 and Star Wars: The Rise of Skywalker.
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