Disney (DIS) reported fiscal fourth-quarter earnings. Overall solid, stock flat in after-hours trading. Release
Key stats: Revenue: $8.93 billion, up 3% y/y and a hair below Street consensus $8.98B. EPS (excluding year-ago tax benefit) 42 cents, 1 cent above consensus. Net income: $877 million, up 12% y/y.
Key segment notes: Cable network revenue $2.8 billion, up 24% y/y, operating income $1.1 billion, up 30% y/y, thanks to ESPN. Broadcast network revenue $1.2 billion, down 5% y/y, operating loss $30 million, minor decline, thanks to good year-ago syndication sales from According to Jim and Scrubs and shut-down costs of Disney MVNO.
Studio revenues fell 24% y/y to $1.5 billion, operating income fell 21% to $170 million, due to strong year-ago numbers from Pirates of the Caribbean, offset by good results from Hannah Montana and High School Musical. Theme park revenue grew 10% to $2.8 billion.