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Disney shares jump as earnings beat estimates
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Roger Yu, USA TODAY 10:45 a.m. EST February 4, 2015
Anna wakes up to a very special birthday party hosted by big sister Elsa in 'Frozen Fever.'
The Walt Disney Co. (DIS), the media giant that owns ESPN, ABC and Disneyland, said Tuesday its fiscal first quarter net income rose 19% to $2.18 billion as higher revenues at its TV networks and merchandise sales related to the box-office hit
Frozen helped offset the film division\'s sluggish performance.
Diluted earnings per share totaled $1.27, beating analysts\' estimate of $1.08 a share. The estimates, as compiled by Zacks Investment Research, ranged from $1.00 to $1.23.
Shares of Disney rose 3.24% in after-hours trading to $97.15.
The media networks division, which includes ESPN, ABC and Disney channels, reported an 11% gain in revenue to $5.9 billion. Revenues at its cable networks business and the broadcasting unit were both higher.
But the cable networks\' operating income dipped 2% partly due to higher programming and productions costs at ESPN, which is paying more to secure the rights to live sports games. ESPN\'s advertising sales also declined due to lower ratings for "certain of our programs," it said.
But the cable networks\' affiliate fee rates -- paid by pay-TV providers -- continue to increase, Disney said.
The broadcasting unit\'s operating income climbed 35% to $240 million as higher affiliate fees overshadowed lower advertising sales.
Revenues at the parks and resorts division, which runs Disney resorts, increased 9% to $3.9 billion. More customers attended the resorts in the U.S., while spending per customer also grew. And the company said the measles outbreak at Disneyland in Orange County, Calif. in December didn\'t affect the park\'s performance. CEO Bob Iger told CNBC that Disneyland saw more visitors during the last quarter than a year ago. "We really have not been able to discern any impact at all from that," he said.
But the income from its international resorts fell due to higher Shanghai Disney Resort pre-opening expenses, "the impact of a weaker Japanese yen on Tokyo Disney Resort royalties" and higher costs of operating the Hong Kong Disneyland, the company said.
The studio entertainment division\'s revenues declined 2% to $1.9 billion, but its operating income rose 33% to $544 million. Lower box office sales ate into the rising income from home entertainment and video-on-demand options for customers who streamed movies, including Marvel\'s Guardians of the Galaxy and Frozen, at home.
Disney said its theatrical box office sales dipped because the prior-year quarter had more sales days for several popular titles, including Marvel\'s Thor: The Dark World and Frozen.
The consumer products business reported a 22% jump in revenue to $1.4 billion, largely fueled by merchandise sales based on Frozen and other characters.
Revenue for the interactive unit, which runs its digital and gaming businesses, fell by $19 million to $384 million, but its operating income rose by $20 million to $75 million. Demand for the mobile games, Tsum Tsum and Frozen Free Fall, remained robust, but their performance was "partially offset by lower results at (its) console games business," the company said.
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