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Last Update: 08-May-13 07:50 ET
Walt Disney shares little changed following beat on EPS
Walt Disney (DIS $65.90 -0.17) reported second quarter earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the Capital IQ consensus of $0.77, while revenues rose 9.6% year/year to $10.55 billion versus the $10.49 billion consensus. Media Networks revenues for the quarter increased 6% to $5.0 billion and segment operating income increased 8% to $1.9 billion. Operating income at Cable Networks increased $224 million to $1.7 billion for the quarter due to growth at ESPN. Higher operating income at ESPN was due to increased affiliate revenues and, to a lesser extent, higher advertising revenues, partially offset by increased programming and production costs. Operating income at Broadcasting decreased $91 million to $138 million for the quarter due to higher primetime programming costs and a decrease in advertising revenue at the ABC Television Network, partially offset by an increase in advertising revenue at the owned television stations.
Parks and Resorts revenues for the quarter increased 14% to $3.3 billion and segment operating income increased 73% to $383 million. Results for the quarter were driven by increases at our domestic operations and, to a lesser extent, at our international operations. Results at both our domestic and international parks and resorts reflected a favorable impact due to a shift in the timing of the New Year's and Easter holidays relative to our fiscal periods. Studio Entertainment revenues increased 13% to $1.3 billion and segment operating income increased $202 million to $118 million. Higher operating income for the quarter was driven by lower film impairments, due to the write-down on John Carter in the prior year, and an increase in worldwide theatrical distribution. Consumer Products revenues increased 12% to $763 million and segment operating income increased 35% to $200 million. Higher operating income was primarily due to increases at Merchandise Licensing and at our retail business.
Parks and Resorts revenues for the quarter increased 14% to $3.3 billion and segment operating income increased 73% to $383 million. Results for the quarter were driven by increases at our domestic operations and, to a lesser extent, at our international operations. Results at both our domestic and international parks and resorts reflected a favorable impact due to a shift in the timing of the New Year's and Easter holidays relative to our fiscal periods. Studio Entertainment revenues increased 13% to $1.3 billion and segment operating income increased $202 million to $118 million. Higher operating income for the quarter was driven by lower film impairments, due to the write-down on John Carter in the prior year, and an increase in worldwide theatrical distribution. Consumer Products revenues increased 12% to $763 million and segment operating income increased 35% to $200 million. Higher operating income was primarily due to increases at Merchandise Licensing and at our retail business.
