Disney Posts Q3 Revenue, Profit Gains

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BURBANK: The Walt Disney Company’s third-quarter revenues rose 7 percent to $10.7 billion, delivering a net profit that was up by 11 percent to $1.5 billion.

“Our third quarter demonstrates the continued strength of our media networks, including ESPN, parks and resorts and consumer products,” said Robert A. Iger, the president and CEO of The Walt Disney Company. “In these turbulent times, our company and its array of strong brands are well-positioned to deliver long-term shareholder value.”

The Media Networks segment contributed revenues of $4.9 billion, a 5-percent increase, with a segment operating income that was up 11 percent to $2.1 billion. The cable networks saw revenues rise by 7 percent to $3.5 billion, while operating income rose by 10 percent to $1.8 billion. Broadcasting revenues slipped by 1 percent to $1.4 billion, but operating income rose 20 percent to $250 million.

The Studio Entertainment segment saw operating income plummet by 60 percent to $49 million, while revenues were stable at $1.6 billion. The lower operating income was primarily due to a decrease in worldwide theatrical results, partially offset by lower film cost write-downs.

Parks and Resorts revenues increased by 12 percent to $3.2 billion and segment operating income increased 9 percent to $519 million. Consumer products revenues were up by 13 percent to $685 million, with segment operating income rising 32 percent to $155 million. Interactive Media revenues increased 27 percent to $251 million, but the division posted a wider loss of $86 million.