Disney 4Q profit in line, revenues miss forecasts

Associated Press

LOS ANGELES (AP) — The Walt Disney Co. says its net income in the latest quarter rose 14 percent thanks to an uptick in revenue driven by higher consumer spending at its theme parks and on its cruise ships.

Net income rose to $1.24 billion, or 68 cents per share, from $1.09 billion, or 58 cents per share, a year ago.

One-time items offset each other, and the adjusted earnings of 68 cents per share matched the expectations of analysts polled by FactSet.

Revenue rose 3 percent to $10.78 billion, slightly below the $10.9 billion analysts expected.

Movie studio revenue fell and revenue at the company's pay TV and broadcast networks grew a modest 2 percent.

Disney's stock fell $1.04, or 2 percent, to $49 in after-hours trading following the earnings release.