EmailWalt Disney (DIS $36.55 +1.91) reported fourth quarter earnings of $0.59 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.54.
Revenues rose 7.0% year/year to $10.43 billion versus the $10.35 billion consensus. '
Media Networks rev rose 9% YoY to $4.79 billion, and Parks and Resorts revs rose 11% year/year to $3.12 billion. The company says results for the year reflected increases at their domestic parks and resorts and at Hong Kong Disneyland Resort. These increases were partially offset by costs for our new Aulani hotel and vacation club resort in Hawaii, which opened during the quarter, and a decrease at Tokyo Disney Resort driven by the temporary closure of the resort following the March 2011 earthquake in Japan. Co says "Higher operating income at our domestic parks and resorts was driven by increased guest spending and, to a lesser extent, attendance, partially offset by increased costs. Increased guest spending reflected higher average ticket prices, daily hotel room rates and food, beverage and merchandise spending. Increased costs reflected labor cost inflation, enhancement and expansion costs, including new guest offerings at Disney California Adventure, and investments in our systems infrastructure. Additionally, higher pension and post-retirement medical expenses contributed to increased costs..."
