Please ensure Javascript is enabled for purposes of website accessibility
Disney's 2Q Beats Estimates Despite Lower Revenue from Movies
gvw_ap_news
By Associated Press
Published 6 years ago on
May 9, 2019

Share

NEW YORK — Disney’s adjusted second-quarter net income declined as higher revenue from its parks was not enough to offset lower theatrical revenue.

The quarter closed just ahead of the release of the Marvel movie “Avengers: Endgame” in April. The movie has quickly become one of the most successful of all time.

However, the entertainment giant’s results still beat Wall Street expectations.

The lower theater revenue in the quarter that ended March 30 was due to tough comparisons from a year ago, when the company released “Black Panther” and “Star Wars: The Last Jedi.” During the same period this year Disney released “Captain Marvel.”

The quarter closed just ahead of the release of the Marvel movie “Avengers: Endgame” in April. That movie had become one of the most successful movies of all time.

Net income for the quarter ended March 30 jumped 85% to $5.34 billion, or $3.55 per share. The company’s bottom line got a big boost from a non-cash gain from its acquisition of controlling interest in streaming service Hulu.

Revenue Edged up 3% to $14.92 Billion

Adjusting for that and other one-time items, Disney’s quarterly net income came to $1.61 per share, down from $1.84 a share a year ago. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share in the latest quarter.

Revenue edged up 3% to $14.92 billion. According to FactSet, analysts had expected $14.56 billion.

Disney, which is based in Burbank, California, closed on its $71 billion acquisition of Fox’s entertainment assets during the quarter. It is using Fox assets, including “The Simpson,” ”National Geographic” and other properties to help launch its streaming service Disney Plus in November. “Avengers: Endgame” is slated to hit the service in December.

Its upcoming theatrical releases over the course of 2019 include live action versions of “Aladdin,” and “The Lion King,” as well as “Maleficent: Mistress of Evil,” ”Toy Story 4,” ”Frozen 2″ and “Star Wars: The Rise of Skywalker.”

DON'T MISS

Automakers to Trump: Please Require Us to Sell Electric Vehicles

DON'T MISS

President Biden Welcomes 2024 NBA Champion Boston Celtics to White House

DON'T MISS

Ohtani Makes History With 3rd MVP, Judge Claims 2nd AL Honor

DON'T MISS

Trump Chooses Pam Bondi for Attorney General Pick After Gaetz Withdraws

DON'T MISS

Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July

DON'T MISS

Cutting in Line? American Airlines’ New Boarding Tech Might Stop You at Now Over 100 Airports

DON'T MISS

MLB Will Test Robot Umpires at 13 Spring Training Ballparks Hosting 19 Teams

DON'T MISS

Death Toll in Gaza From Israel-Hamas War Passes 44,000, Palestinian Officials Say

DON'T MISS

Jussie Smollett’s Conviction in 2019 Attack on Himself Is Overturned

DON'T MISS

Fresno Council Lowers Speed Limits on Friant and Audubon

UP NEXT

Hate Your Instagram Feed? New Reset Feature Enhances User Control

UP NEXT

Looking for a Night Out? Bill Burr, Ralph Barbosa and West Coast Takeover Are Up Next

UP NEXT

Comcast to Spin Off Cable Networks, Once Star Performers for the Entertainment Giant

UP NEXT

‘Tis the Season for Holiday Albums, From Jennifer Hudson to Toby Keith and Jimmy Fallon

UP NEXT

Budget-Friendly Hacks for a Friendsgiving Feast to Remember

UP NEXT

Rock Great Jeff Beck’s Guitars Are Going up for Auction

UP NEXT

Dan Forrest’s ‘Creation’ Is a Feast for the Ears. Fresno Master Chorale Performs It Sunday.

UP NEXT

Which Landmarks and Businesses Are Featured on Monopoly Fresno Edition?

UP NEXT

Veteran NBC Host Craig Melvin Tapped to Replace Hoda Kotb for the First Hours of ‘Today’ Show

UP NEXT

R&B Concerts, Comedy, & Worship Take Center Stage This Weekend

Trump Chooses Pam Bondi for Attorney General Pick After Gaetz Withdraws

55 minutes ago

Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July

1 hour ago

Cutting in Line? American Airlines’ New Boarding Tech Might Stop You at Now Over 100 Airports

1 hour ago

MLB Will Test Robot Umpires at 13 Spring Training Ballparks Hosting 19 Teams

2 hours ago

Death Toll in Gaza From Israel-Hamas War Passes 44,000, Palestinian Officials Say

2 hours ago

Jussie Smollett’s Conviction in 2019 Attack on Himself Is Overturned

2 hours ago

Fresno Council Lowers Speed Limits on Friant and Audubon

2 hours ago

How About an Honest Conversation About the Range of Light Monument Proposal?

4 hours ago

UConn Coach Geno Auriemma Breaks NCAA Wins Record With 1,217th Victory

4 hours ago

Fresno Doctors Will Pay $2.4 Million to Settle Kickback Allegations, DOJ Says

4 hours ago

Automakers to Trump: Please Require Us to Sell Electric Vehicles

Three of the nation’s largest automakers, Ford, General Motors and Stellantis, are strategizing with other car manufacturers on how to make ...

10 minutes ago

President Joe Biden with Mary Barra, the chief executive of General Motors, at the Detroit Auto Show, Sept. 14, 2022. President-elect Donald Trump has promised to erase the Biden administration’s tailpipe rules designed to get carmakers to produce electric vehicles, but most U.S. automakers want to keep them. (Doug Mills/The New York Times)
10 minutes ago

Automakers to Trump: Please Require Us to Sell Electric Vehicles

14 minutes ago

President Biden Welcomes 2024 NBA Champion Boston Celtics to White House

34 minutes ago

Ohtani Makes History With 3rd MVP, Judge Claims 2nd AL Honor

Former Florida Attorney General Pam Bondi, speaks before Republican presidential nominee former President Donald Trump arrives to speak at a campaign rally at First Horizon Coliseum, Saturday, Nov. 2, 2024, in Greensboro, NC. (AP/Alex Brandon)
55 minutes ago

Trump Chooses Pam Bondi for Attorney General Pick After Gaetz Withdraws

1 hour ago

Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July

1 hour ago

Cutting in Line? American Airlines’ New Boarding Tech Might Stop You at Now Over 100 Airports

2 hours ago

MLB Will Test Robot Umpires at 13 Spring Training Ballparks Hosting 19 Teams

2 hours ago

Death Toll in Gaza From Israel-Hamas War Passes 44,000, Palestinian Officials Say

Help continue the work that gets you the news that matters most.

Search

Send this to a friend