Walt Disney Q4 Results Beat Street, Shares Up 5%

(RTTNews) - Shares of Walt Disney Co. (DIS) rose 5% on extended session on Thursday after the media and entertainment giant reported a fourth-quarter profit and revenues that trumped Wall Street estimates.

Burbank, California-based Disney's fourth-quarter profit dropped to $1.05 billion or $0.58 per share from $2.32 billion or $1.55 per share last year.

Adjusted earnings for the quarter were $1.07 per share, down from $1.48 per share last year. On average, 21 analysts polled by Thomson Reuters estimated earnings of $0.95 per share.

Revenues for the quarter surged 34% to $19.10 billion from last year's $14.31 billion last year. Analysts had a consensus revenue estimate of $19.04 billion.

"Our solid results in the fourth quarter reflect the ongoing strength of our brands and businesses," said CEO Robert Iger. "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and we're excited for the launch of Disney+ on November 12."

On March 20, Disney acquired 21st Century Fox for $71 billion. Disney will now oversee Fox's storied film and television studios as well as stakes in the Sky PLC pay-television company and the Hulu video-streaming service.

Media networks segment's revenues rose 22% to $6.51 billion, while parks and resorts units increased 8% to $6.66 billion.

Studio entertainment revenues surged 52 percent to $3.31 billion due to the performance of The Lion King, Toy Story 4 and Aladdin. Direct-to-Consumer & International revenues rose to $3.43 billion from $825 million.

DIS closed Thursday's trading at $132.96, up $1.69 or 1.29%, on the NYSE. The stock, further gained $6.81 or 5.12% in the after-hours trade.