Media networks, parks and film studio drive gains
The Walt Disney Co. posted strong first-quarter profits of $1.46 billion, up 12%, from revenue of nearly $10.8 billion, up 1% during the three-month period that wrapped up Dec. 31.
“We’re off to a good start in this fiscal year executing on our ongoing strategy, deriving greater value from our brands — Disney, Pixar, Marvel, ESPN and ABC — in the U.S. and around the globe,” said Disney prexy-CEO Robert Iger. “We are confident that our commitment to creating and providing exceptional family entertainment on multiple platforms continues to position us to deliver longterm shareholder value.”
Broken out, the conglom’s media networks division generated nearly $4.8 billion for the period, a gain of 3% to generate profits of $1.2 billion, up 12%. Parks and resorts saw an increase of sales of 18% to nearly $3.2 billion, helping profits increase 18% to $553 million.
The studio side saw profits rise 10% to $413 million, although revenue was off 16%.
Consumer products sales came in flat at $313 million, from a 3% gain in revenue of $1.6 billion during the holidays.
The games and interactive group still recorded a loss of $28 million from a revenue of $279 million, down 20% over the same quarter a year ago.