|
MUMBAI:
The Walt Disney Company's net profit for the third quarter
ended 30 June rose 24 per cent to $1.83 billion over the year
ago period on the back of success of films like The Avengers
and Brave.
Total
revenues during the quarter stood at $11.08 billion registering
a growth of 4 per cent over the corresponding fiscal's $10.67
billion. The media conglomerate's operating income grew 18
per cent to $3.23 million from $2.73 billion in the same quarter
of previous fiscal.
"We
had a phenomenal third quarter, delivering the largest quarterly
earnings in the history of our company.Earnings
per share were up 31 per cent over last year, driven by growth
in every one of our businesses," said The Walt Disney
Company Chairman and CEO Robert A. Iger.
Media
Networks revenues for the quarter increased 3 per cent to
$5.1 billion and segment operating income increased 2 per
cent to $2.1 billion. Operating income at Cable Networks increased
$14 million to $1.9 billion for the quarter due to growth
at the domestic Disney Channels and ABC Family, partially
offset by a decrease at ESPN.
Higher
operating income at the domestic Disney Channels was due to
increased affiliate revenue from contractual rate increases,
while the increase at ABC Family reflected lower marketing
and sales costs due to fewer series premieres. The decrease
at ESPN was driven by lower recognition of deferred affiliate
fees related to annual programming commitments.
However,
the benefits of contractual rate increases and subscriber
growth on affiliate fees along with higher advertising revenue
more than offset increased programming and production costs
at ESPN.
Broadcasting
vertical's operating income increased $18 million to $268
million due to higher affiliate and royalty revenue and lower
programming and production costs, partially offset by lower
Network advertising revenues. Advertising revenues at the
Network decreased modestly as lower ratings were partially
offset by higher rates.
Parks
and Resorts Parks and Resorts revenues for the quarter increased
9 per cent to $3.4 billion and segment operating income increased
21 per cent to $630 million. Results for the quarter were
driven by increases at Tokyo Disney Resort, Disney Cruise
Line and the domestic parks and resorts.
Studio
Entertainment Studio Entertainment revenues were essentially
flat at $1.6 billion and segment operating income increased
$264 million to $313 million. Higher operating income was
primarily due to increases in worldwide theatrical results
and worldwide television distribution, partially offset by
a decrease in worldwide home entertainment.
Higher
worldwide theatrical results reflected the performance of
the current quarter releases including Marvel's The Avengers
and Brave compared to Pirates of the Caribbean: On Stranger
Tides and Cars 2 in the prior-year quarter. The increase in
worldwide television was driven by higher sales in international
markets due to stronger performing titles available in the
current quarter.
The
decrease in worldwide home entertainment was primarily due
to a decline in unit sales in the current quarter. Significant
current quarter titles included John Carter and The Muppets
while the prior-year quarter included Tron: Legacy, Tangled
and Gnomeo & Juliet.
Consumer
Products Consumer Products revenues increased 8 per cent to
$742 million and segment operating income increased 35 per
cent to $209 million. Higher operating income was primarily
due to increases at Merchandise Licensing and at our retail
business. Interactive revenue for the quarter decreased 22
per cent to $196 million and segment operating results improved
from a loss of $86 million in the prior-year quarter to a
loss of $42 million in the current quarter. Operating results
were driven by improved performance from our games and online
businesses.
|
