Disney’s fiscal first-quarter adjusted profit topped Wall Street’s expectations, bolstered by box-office hits “Zootopia 2” and “Avatar: Fire and Ash.”
The Walt Disney Co. earned $2.4 billion, or $1.34 per share, for the three months ended Dec. 27. It earned $2.64 billion, or $1.40 per share, a year ago.
Removing one time charges and costs, earnings were $1.63 per share. That’s better than the $1.57 per share that analysts polled by Zacks Investment Research expected.
Shares rose 2% before the market open on Monday.
Disney, based in Burbank, California, reported revenue of $25.98 billion. Wall Street was calling for slightly higher revenue of $25.99 billion.
Revenue for Disney Entertainment, which includes the company’s movie studios and streaming service, climbed 7%, while revenue for the Experiences division, its parks, rose 6%.
The Experiences division, which includes Disney’s six global theme parks, its cruise line, merchandise and video game licensing, reported operating income climbed 6% to $3.31 billion. Operating income rose 8% at domestic parks. Operating income increased 2% for international parks and Experiences.