Disney Earnings Beat Expectations

Disney just reported Q4 earnings that beat expectations by a penny.

The entertainment giant reported earnings per share, excluding certain items, of $US0.89 against expectations for $US0.88.

Revenue totaled $US12.38 billion against expectations for $US12.37 billion.

In a release, Disney said the increase in diluted EPS was, “due to improved performance at all of our operating segments, a decrease in the weighted average shares outstanding as a result of our share repurchase program and higher investment gains.”

In the fourth quarter, operating income in Disney’s cable networks unit fell $US10 million, which Disney said was attributable to higher programming costs at ESPN which was partially offset by affiliate revenue and ad revenue.

Studio entertainment revenue in the fourth quarter rose 18% to $US1.8 billion, and the company said higher worldwide theatrical distribution results were due to the success of Guardians of the Galaxy and Maleficent in the current quarter compared to Monsters University and The Lone Ranger in the prior-year quarter.

Disney also reported its full-year results, with earnings per share that came in at $US4.26 against $US3.38 for the prior year on sales of $US48.8 billion against $US45 billion a year ago.

In after hours trade following the results, Disney shares were down about 1%.

You can read Disney’s full release here ยป

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