Well, looks like the Parks division and Media Networks division saw good growth in the past quarter.
Walt Disney Co.’s (DIS) fiscal first-quarter profit rose a stronger-than-expected 12% as the company’s theme-park division benefited from higher spending and attendance.
Shares slid 2% to $40.16 after hours as revenue missed expectations. In March, the stock hit its highest level ever at $44.34.
Revenue from Disney’s television and theme-park businesses continued to drive its top-line growth over the past year, though the contribution from cable-TV juggernaut ESPN suffered in the latest quarter from a basketball strike and the late timing of two college football championships.
Studio-entertainment revenue faltered in the latest quarter as strong sales from the “The Lion King” franchise failed to match the revenue generated from DVD and Blu-ray sales of “Toy Story 3” a year earlier.
More recently, the company last month moved to expand its international footprint by agreeing to take a controlling interest in UTV Software Communications Ltd. (532619.BY), one of India’s largest media and entertainment providers. The deal positioned Disney’s India unit as one of the country’s largest broadcasters and film studios, producing and distributing at least 20 titles a year.
For the quarter ended Dec. 31, Disney reported a profit of $1.46 billion, or 80 cents a share, up from $1.3 billion, or 68 cents a share, a year earlier. Revenue edged up 0.6% to $10.78 billion.
Analysts polled by Thomson Reuters were expecting a profit of 71 cents a share on revenue of $11.18 billion.
Revenue from the company’s media networks–Disney’s biggest top-line contributor–rose 2.9%, while profit increased 12%. Its parks-and-resorts business generated 10% more revenue, on higher attendance at domestic properties as well as the Disney Cruise Line, pushing profit up 18%.
Revenue from the studio-entertainment business fell 16%, though earnings still climbed 10%.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com