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Disney profit up on sleeper, blockbuster- Reuters- 5/11/05


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  • Disney profit up on sleeper, blockbuster- Reuters- 5/11/05

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    LOS ANGELES (Reuters) - Walt Disney Co.(DIS) posted a 30 percent rise in quarterly earnings on Wednesday driven by its movie studio, which produced the sleeper hit ``The Pacifier'' and distributed the animated blockbuster ``The Incredibles.''

    Shares fell 1 percent on the report, which met Wall Street expectations but failed to deliver the type of positive surprise to which investors have become accustomed, one analyst said.

    ``This is the first quarter (in some time) where they have not dramatically exceeded expectations,'' said Fulcrum Global Partners analyst Rich Greenfield.

    Net income rose to $698 million or 33 cents per share from $537 million or 26 cents per share a year earlier, the theme park and entertainment conglomerate said.

    The quarter included a $61 million benefit from Euro Disney theme park debt restructuring and a $32 million charge to write down an investment.

    Excluding those items, Disney earned 32 cents per share, in line with the Wall Street consensus, according to Reuters Estimates.

    Revenue rose to $7.8 billion from $7.2 billion, also in line with analyst targets.

    Parks and media both showed 3 percent rises in income while the movie studio and consumer products both posted strong double-digit gains in the quarter, when the Disney board announced that President Bob Iger would succeed CEO Michael Eisner in the fall.
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