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Disney beats profit, revenue estimates as consumers flock to parks, movies

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Disney beats profit, revenue estimates as consumers flock to parks, movies
FILE PHOTO: The entrance of Disney store is pictured in Tokyo, Japan August 13, 2018. REUTERS/Kim Kyung-Hoon/File Photo   -   Copyright  Kim Kyung Hoon(Reuters)
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(Reuters) – Walt Disney Co <DIS.N> reported fourth-quarter profit and revenue that beat analysts’ estimates, driven by the success of its Marvel sequel “Ant Man and the Wasp” and as more visitors flocked to its theme parks during the summer season.

Shares of the company, which is buying the bulk of Twenty-First Century Fox Inc’s <FOXA.O> TV and film units, rose 2 percent to $118.39 (£90.6) after the bell.

Revenue from Disney’s studio business, which produces and acquires live-action and animated motion pictures, rose 50 percent to $2.15 billion, beating the average analyst estimate of $1.80 billion.

Revenue from its theme parks and resorts business rose 8.6 percent to $5.07 billion, also beating analysts’ estimate of $5.09 billion.

Net income attributable to Disney rose to $2.32 billion, or $1.55 per share, in the fourth quarter ended Sept. 29 from $1.75 billion, or $1.13 per share, a year earlier.

Excluding certain items, Disney earned $1.48 per share, above analysts’ expectations of $1.34 per share, according to IBES data from Refinitiv.

The company said total revenue rose to $14.31 billion from $12.78 billion, above analysts’ estimates of $13.73 billion.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D’Silva)

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