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Disney earnings beat, but movie and TV revenue come in a bit light ahead of ‘Endgame’ windfall - MarketWatch

Disney earnings beat, but movie and TV revenue come in a bit light ahead of ‘Endgame’ windfall - MarketWatch

Walt Disney Co. handily beat earnings expectations even after stripping out big gains from an acquisition in a quarterly report Wednesday, but movie-studio revenue slipped ahead of a coming windfall.

Disney DIS, +0.20%  stock has been trading at record highs in the past month, as the company provided long-awaited details about its Disney+ streaming service and launched the most successful movie opening of all time with “Avengers: Endgame.” Shares closed Wednesday with a 1.1% gain at $134.88, then gained more than 1% in after-hours trading following release of the results, pushing shares back toward record highs. The stock was down 0.4% premarket Thursday.

Disney reported earnings for the fiscal second quarter — which ended before “Endgame” began raking in big bucks, but did include returns from the prequel “Captain Marvel” — of $5.45 billion, or $3.56 a share, on sales of $14.92 billion, up from $14.55 billion a year ago. Much of the big beat was from a noncash gain of nearly $5 billion from its acquisition of a controlling interest in the Hulu streaming service. After adjusting to exclude that gain and other one-time factors, Disney claimed earnings of $1.84 a share, even with $1.84 a share a year ago. Analysts on average expected adjusted earnings of $1.58 a share on sales of $14.5 billion, according to FactSet.

See also: Why Marvel superheroes would be obese in real life [Read More]

Published @ May 8, 2019

Disney earnings beat, but movie and TV revenue come in a bit light ahead of ‘Endgame’ windfall - MarketWatch

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