Date
24 November 2017
Walt Disney Studios continued to benefit from the huge success of the animated movie Frozen. Photo: Dawn.com
Walt Disney Studios continued to benefit from the huge success of the animated movie Frozen. Photo: Dawn.com

Disney posts 22% profit growth on Frozen success

Walt Disney Co. reported a 22 percent increase in its fiscal third-quarter earnings, beating analyst estimates, amid strong performance across the entertainment company’s segments, the Wall Street Journal reported on Tuesday.

For the three months to June 28, the Burbank, California-based company reported a profit of US$2.25 billion, or US$1.28 a share, up from US$1.85 billion, or US$1.01 a share, a year earlier. Revenue rose 8 percent to US$12.47 billion.

Analysts polled by Thomson Reuters expected per-share profit of US$1.17 and revenue of US$12.16 billion, excluding the acquisition of Maker Studios.

The company’s studio division reported operating income more than doubled to US$411 million as revenue increased 14 percent to US$1.8 billion, driven by growth in global home entertainment and international theatrical distribution, which received a boost from the animated blockbuster Frozen.

Revenue at its parks and resorts division rose 8.2 percent to US$4 billion and operating earnings grew 23 percent to US$848 million, driven by growth in its domestic operations.

At the smaller consumer products segment, revenue was up 16 percent at US$902 million while operating income rose 25 percent to $273 million amid increases at the retail and merchandise licensing businesses, the report said.

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CG

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