Disney 3Q net income nearly flat, revenue climbs

Published on NewsOK Modified: August 6, 2013 at 5:12 pm •  Published: August 6, 2013
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BURBANK, Calif. (AP) — Earnings at The Walt Disney Co. were nearly unchanged in the latest quarter, while revenue increased 4 percent thanks to a boost from Disney's theme parks and resorts business and cable networks such as ESPN.

Disney said Tuesday that it earned $1.85 billion, or $1.01 per share, in the fiscal third quarter, which ended June 29. That compares with $1.83 billion, or $1.01 per share, a year earlier. Excluding one-time items, earnings were $1.03 per share in the latest quarter, surpassing Wall Street's expectations.

Revenue was $11.6 billion, up from $11.1 billion.

Analysts polled by FactSet had expected adjusted earnings of $1.01 per share on revenue of $11.7 billion.

Revenue at Disney's parks and resorts business grew 7 percent to $3.7 billion.

Cable networks revenue grew 8 percent to $3.9 billion, thanks to growth at ESPN, A&E and U.S. Disney channels. Broadcast revenue, meanwhile, was unchanged at nearly $1.5 billion. Overall, the media networks business grew 5 percent to $5.4 billion.

Movie studio revenue fell 2 percent to $1.6 billion. Disney said results suffered from marketing costs for "The Lone Ranger" and the slower performance of "Iron Man 3" compared with "The Avengers" a year earlier.