Nov 6, 2014 5:06 PM
Disney movies lift results in 4th quarter
The Associated Press
NEW YORK (AP) The success of The Walt Disney Cos.' movies, including the animated tale "Frozen" and the Marvel movie "Guardians of the Galaxy," lifted the media company's fiscal fourth-quarter results.
Disney Studios has had a string of hits that is likely to continue with the first of its annual "Star Wars" movie launching next year. On Thursday, Disney said the movie will be called "The Force Awakens."
Disney Studios had the strongest results among the media company's divisions. Revenue in that unit climbed 18 percent to $1.78 billion, with growth both in theatrical distribution due to "Maleficent" and "Guardians of the Galaxy" and home entertainment due to the continuing popularity of "Frozen" and "Captain America."
Other segments reported higher revenue as well. The Burbank, Calif.-based company said revenue from media and cable networks rose 5 percent to $5.22 billion. Revenue from parks and resorts rose 7 percent to $4 billion. Consumer product revenue rose 7 percent to $1.07 billion.
Overall revenue rose 7 percent to $12.39 billion, ahead of expectations of $12.36 billion.
Fourth-quarter net income rose 8 percent to $1.5 billion, or 87 cents per share. Excluding one-time items, net income matched analyst expectations of 89 cents per share.