Disney 2Q results beat Street; shares rise

Tuesday, May 7th, 2013 | Finance News

LOS ANGELES (AP) — Disney topped analyst expectations as revenue gains at its parks and movie studio led to a 32 percent increase in net income during the January-March quarter.

Net income grew to $1.51 billion, or 83 cents per share. Factoring out one-time items, adjusted earnings came to 79 cents per share, beating the 77 cents expected by analysts surveyed by FactSet.

Revenue grew 10 percent to $10.55 billion, also topping the $10.49 billion expected by analysts.

Parks and resorts revenue rose 14 percent to $3.30 billion, while movie studio revenue grew 13 percent to $1.34 billion. Revenue from pay TV networks like ESPN grew 6 percent to $4.96 billion.

Shares of Burbank, Calif.-based Walt Disney Co. rose 33 cents to $66.40 in after-hours trading after the results were released.