Walt Disney exceeded Wall Street's earnings expectations Wednesday as higher attendance at its Shanghai and Hong Kong theme parks offset a decline in advertising revenue at television network ABC.
The company reported per-share earnings, excluding certain items, of 82 cents in its fiscal fourth quarter ended Sept. 30, topping an average forecast of 70 cents a share, according to LSEG data. Quarterly revenue of $21.2 billion was largely in line with consensus estimates.
Disney now says it is on track to achieve $7.5 billion in annualized savings, as it aggressively manages costs. Disney's newly named Experiences group, which includes its theme parks and resorts, and cruise lines and consumer products, reported nearly $1.8 billion in operating income in the quarter, up 31% from a year ago. Higher attendance at Shanghai Disney, Hong Kong Disneyland and Disneyland resorts, and growth of the cruise businesses, helped offset lower results at Walt Disney World in Florida.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Disney theme parks strength fuels profit beat, offsets ad weaknessWalt Disney (DIS.N) exceeded Wall Street's earnings expectations on Wednesday as higher attendance at its Shanghai and Hong Kong theme parks offset a decline in advertising revenue at television network ABC.
Read more »
Report: People Defecating in Line at Disney Theme ParksSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
What California parks can expect as two theme park giants mergeIndustry experts weigh in on what changes will come to California theme parks as Cedar Fair and Six Flags become one company.
Read more »
ESPN shows strength as Disney's other networks report lower revenueESPN's operating income and revenue should come as a giant relief to investors.
Read more »
ESPN shows strength as Disney's other networks report lower revenueESPN’s operating income and revenue should come as a giant relief to investors.
Read more »
Disney Lorcana Showcase – We Let it Go with Disney's Frozen Ravensburger's enchanting card game Disney Lorcana brings the magical world of Disney to life like never before. This new collectible card game has taken the world by storm, selling out near instantly and keeping the magic of Disney alive.
Read more »