Thursday, April 24th5.9°C
20923

Disney 1st-quarter earnings, revenue boosted by 'Frozen' movie, 'Infinity' game

LOS ANGELES, Calif. - The Walt Disney Co. on Wednesday reported earnings and revenue for the holiday quarter that beat Wall Street's expectations, helped by the hit movie "Frozen" and sales of its "Disney Infinity" console game.

The huge box office results for "Frozen," surpassing $870 million in ticket sales worldwide since its November release, pushed it past "The Lion King" as the most successful Disney-branded animated film to date, according to CEO Bob Iger.

It also justified Disney's $7.4 billion purchase of Pixar in 2006, which was meant in part to rejuvenate animation at Disney under new leadership, Iger said. "Frozen" not only has the potential to become a franchise, with the possibility of sequels or spin-offs, but it will also be made into a Broadway show, he said.

"Its success speaks volumes about the future of animation at our company," Iger said on a conference call with analysts following the release of the earnings report.

Disney's net income in the fiscal first quarter through Dec. 28 rose to $1.84 billion, or $1.03 per share, from $1.38 billion, or 77 cents per share, a year ago.

Excluding restructuring charges and other items, adjusted earnings came to $1.04 per share, beating the 92 cents expected by analysts polled by FactSet.

Revenue rose 9 per cent to $12.31 billion, beating the $12.25 billion expected by analysts.

Shares rose $2.54, or 3.5 per cent, to $74.30 in after-hours trading Wednesday, after already gaining 71 cents to close at $71.76 in the regular session.

Along with the strong movie studio results, revenue and profit grew for Disney's TV networks, with growth at ESPN offsetting weakness at ABC. Higher theme park ticket prices and more guest spending also offset higher costs associated with the launch of its MyMagic+ bracelet, which helps visitors plan their trip and buy merchandise.

It was too early to tell exactly how much the rollout of MyMagic+ boosted spending, but Iger said during the peak holiday season, use of MyMagic+ for things like booking multiple rides ahead of time meant that Disney could accommodate 3,000 more people per day at its Magic Kingdom park at Walt Disney World in Orlando, Fla.

"It's more efficient and secondly, it's enabling guests to have a substantially better experience than they've had before because they're doing more," he said.

The consumer-products division also grew, thanks to the inclusion of Lucasfilm items following Disney's acquisition of the maker of "Star Wars" in late 2012. Disney plans to release a sequel, "Star Wars: Episode VII," in December 2015.

The Canadian Press


Read more Business News

21337


Recent Trending




Today's Market
S&P TSX14533.39-22.58
S&P CDNX1010.986.10
DJIA16501.65-12.72
Nasdaq4126.967-34.491
S&P 5001875.39-4.16
CDN Dollar0.9069+0.0005
Gold1283.70-0.50
Oil102.15-2.22
Lumber332.60+1.00
Natural Gas4.761+0.031

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.01
Cantex0.05+0.005
Anavex Life Sciences0.38-0.005
Metalex Ventures0.080.00
Russel Metals31.30+0.13
Copper Mountain Mining2.33-0.05
Colorado Resources0.27+0.01
ReliaBrand Inc0.11+0.03
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.250.00

 





FEATURED Property
1775031 #604 7470 Porcupine Road
2 bedrooms 2 baths
$179,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


On living and dying

Our ability to live beyond our years has nothing to do with medical science; we will all live longer than our physical bodies, each of us will leave behind a personal legacy made up of our deeds, our ...


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

_





20956


Member of BC Press Council


21726