Walt Disney posts flat 1Q profit, beating estimates
LOS ANGELES, California – THE Walt Disney Co said yesterday it made US$844 million in the holiday quarter, roughly flat compared with a year earlier, as restructuring charges offset cost cutting and gains at ESPN and the Disney Channel.
Net income came to 44 cents per share, down a penny per share, or US$845 million, from the same quarter a year earlier. Revenue rose one per cent to US$9.74 billion.
The results beat analyst forecasts.
Disney, which is based in Burbank, California, is closely tethered to consumer confidence because spending on its theme parks, stores and movies is a good barometer of how freely people are spending their extra cash.
Shares gained 43 cents, or 1.4 per cent, to US$30.27 in extended trading after the results were announced. Earlier, it closed up 36 cents, or 1.2 per cent, at US$29.84.
