Disney Reports Q3

The Walt Disney Company has reported net income of $1.3 billion, or $0.67 per share, on revenues of $10 billion for its third quarter ended July 3, 2010, compared to net income of $954 million, or $0.51 per share, on revenues of $8.6 billion for the same quarter last year, beating analysts’ estimates.

For this year’s Q3, the Media Networks segment, including ESPN and the Disney Channel, generated the most revenue at $4.7 billion, followed by Parks and Resorts, which includes Disney Cruise Line, with $2.8 billion; Studio Entertainment, $1.6 billion; Consumer Products, $606 million; and Interactive Media, $197 million

Media Networks also generated the most operating income at $1.9 billion, compared to $477 million for Parks and Resorts.

According to Disney, Parks and Resorts’ revenue for the quarter increased 3 percent, but operating income decreased 8 percent, due to higher costs and lower attendance and hotel occupancy, partially offset by higher guest spending.

Disney Cruise Line’s operating income decreased due to lower passenger cruise days, increased operating costs to support the fleet expansion and higher fuel costs, the company said in a prepared statement.

At press time, Disney shares traded for $33.64 compared to a 12-month low/high of $24.89/$37.98. The 12-month target is $38.91.


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