Walt Disney Q2 Profit Tops Street - Update

(RTTNews) - Media and entertainment giant Walt Disney Co. (DIS), Tuesday reported a 23 percent increase in profit for the second quarter, driven largely by growth in park and resorts as well as studio businesses. Earnings for the quarter trumped Wall Street estimates, as did revenues.

Burbank, California-based Disney's second-quarter profit rose to $2.94 billion or $1.95 per share from $2.39 billion or $1.50 per share last year.

Adjusted earnings for the quarter were $1.84 per share. Analysts polled by Thomson Reuters estimated earnings of $1.69 per share.

Revenues for the quarter increased 9 percent to $14.55 billion from $13.34 billion last year. Analysts had a consensus revenue estimate of $14.08 billion.

"Driven by strong results in our parks and resorts and studio businesses, our Q2 performance reflects our continued ability to drive significant shareholder value," said CEO Robert Iger.

"Our ability to create extraordinary content like Black Panther and Avengers: Infinity War and leverage it across all business units, the unique value proposition we're creating for consumers with our DTC platforms, and our recent reorganization strengthen our confidence that we are very well positioned for future growth."

Media networks segment's revenues rose 3 percent to $6.1 billion, while parks and resorts units increased 13 percent to $4.9 billion. Studio entertainment revenues rose 21 percent to $2.50 billion and consumer products & interactive media division revenues increased 2 percent to $1.1 billion.

DIS closed Tuesday's trading at $101.79, down $0.69 or 0.67%, on the NYSE. The stock, however, gained $0.51 or 0.50% in the after-hours trade.