Entertainment company, The Walt Disney Company(DIS) reports a decline in earnings for its fourth quarter, beating estimates on Wednesday.
The Burbank, CA based company reported first quarter earnings of $1.38 billion, or 77 cents per share a -6% decline from last year’s earnings of $1.46 billion, or 80 cents per share. Excluding special items, EPS was 79 cents, beating analysts estimate of 76 cents.
Revenue for the quarter was $11.34 billion, a 5% increase from $10.78 billion last year. Analysts expected Disney to see revenue of $11.21 billion.
The company’s entertainment division dropped -43% in net income during the quarter, while earnings in the cable networks sectors dropped by -2%.
On the upside, the company saw a 2% increase in earnings for their media division, which includes ESPN and ABC. Disney also saw a 16% increase in broadcasting income, a 4% growth in profit from parks and resorts, and a 11% upside to consumer products income.
Analysts see some possible layoffs in the coming quarters, but believe that the company will most likely have a strong next few quarters.
Walt Disney shares were up $1.44, or 2.65% during premarket trading Wednesday. The stock has increased 35% in the past year.
The Bottom Line
Shares of The Walt Disney Company(DIS) have a 1.38% yield, based on Tuesday’s closing price of $54.29.
The Walt Disney Company(DIS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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