Disney 2Q results beat Street; shares rise
Source: AP-Excite
By RYAN NAKASHIMA
LOS ANGELES (AP) - Revenue gains at Disney's parks and movie studio led to a 32 percent increase in net income during the January-March quarter. The results, which topped analyst expectations Tuesday, showed that the company's record-setting investments in a new cruise ship and multiple theme park upgrades last year are starting to pay off.
Net income grew to $1.51 billion, or 83 cents per share. Factoring out one-time items, adjusted earnings came to 79 cents per share, beating the 77 cents expected by analysts surveyed by FactSet.
Revenue grew 10 percent to $10.55 billion, also topping the $10.49 billion expected by analysts.
Parks and resorts revenue rose 14 percent to $3.30 billion, thanks to higher attendance and guest spending at U.S. parks in Anaheim, Calif., and Orlando, Fla.
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Read more: http://apnews.excite.com/article/20130507/DA64O0C80.html
Make no mistake about it. Disney is not the happy company it was when Walt (I know how many feel negatively about him) was in charge.
In this March 31, 2012 file photo, a firework display lights up the castle of Sleeping Beauty in Disneyland's theme park in Marne-la-Vallee, east of Paris. The Walt Disney Co. reports quarterly financial results after the market closes on Tuesday, May 7, 2013. (AP Photo/Michel Spingler, File)
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