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Disney Reports Q3 Numbers

Disney Reports Q3 Numbers

Walt Disney Co. said its earnings per share were up 21% in the third quarter from the same period last year. It said income growth in its media, resorts and consumer products segments led the way, although the broadcasting income piece within media fell.
“The continued growth in our earnings this quarter, led by ESPN and our other cable networks, positions us well to deliver more than 50 percent growth in earnings for the year, as we predicted last quarter,” stated CEO Michael Eisner. He said the company had strong earnings and cash flow growth.
Revenue at the company’s media networks businesses increased 8% to $2.9 billion.
“Segment operating income attributable to broadcasting decreased by $39 million, reflecting higher programming and production costs, partially offset by higher advertising revenue. Increased advertising revenue reflected higher advertising rates partially offset by ratings declines,” it stated.