Disney theme parks help lift quarterly results above estimates

Disney reported US$26 billion in revenue for its fiscal first quarter, with the parks, cruises and consumer products unit generating US$10 billion and supplying most of the quarter's operating profit.

Disney reported results for the fiscal quarter ended Dec. 27, with parks and recent film releases helping revenue exceed analysts' estimates. The parks, cruises and consumer products unit produced US$10 billion in revenue and made up much of the quarter's operating profit. Overall revenue rose 5% to US$26 billion and adjusted per-share earnings were US$1.63. The company is expected to name a new chief executive to replace Bob Iger early this year. Key figures: - Total revenue was US$26 billion for the fiscal first quarter, up 5% from a year earlier. - The parks, cruises and consumer products unit generated US$10 billion and accounted for 72% of the quarter's operating profit of nearly US$5 billion. - Adjusted earnings per share were US$1.63, down 7% year over year but above analysts' estimate of US$1.57. - The entertainment unit reported US$11.6 billion in revenue, up 7%, supported by holiday film releases including Zootopia 2 and Avatar: Fire and Ash. - Streaming operating income rose 72% to US$450 million, while streaming revenue increased 13% to US$4.4 billion. - The sports unit's operating income fell to US$191 million, reflecting a US$110 million hit tied to a two-week dispute with YouTube TV and other cost pressures. Summary: Parks and theatrical releases helped Disney top quarterly revenue and income expectations, while higher film marketing costs and a carriage dispute weighed on some divisions. The company reaffirmed a full-year outlook that includes projected double-digit per-share earnings growth, forecasted US$19 billion in cash from operations, and said it is on track to repurchase US$7 billion of stock. The firm is also expected to announce a successor to Bob Iger early this year, with industry reports naming an internal executive as a leading candidate.