Walt Disney Results Disappoint

Published by: Mike Goldman on 11th May 2011 | View all blogs by Mike Goldman
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Walt Disney Results Disappoint

Walt Disney Co. released fiscal second-quarter results after the closing bell Tuesday,  psoting profits that missed estimates as revenue declines in its movie studio and theme parks, as well as losses from the tsunami in Japan, overshadowed gains made in its television segment.

In the three months ended April 2nd, Disney said it earned $942 million, or 49 cents a share, a 1.2 percent decline from earnings of $953 million a year earlier.  Analysts taking part in a recent Bloomberg poll had projected the Burbank-based media giant would report earnings of 58 cents a share, on average.

The massive earthquake and tsunami that struck Japan on March 11th had an impact on Disney's theme park unit, as it collects licensing fees from the Tokyo Disney resort, and the unit's earnings fell 3.3 percent.  Walt Disney, the world's largest operator of theme parks, said that its U.S parks were impacted by the late Easter break this year.  The company's movie studio, meanwhile, failed to follow up the success of last year's “Alice In Wonderland,” and the studio's earnings were down 65 percent.

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