Thanks in part to the continued success of “Avengers: Age of Ultron,” the Walt Disney Co. reported quarterly earnings Tuesday of $1.45 per share, up 13 percent from $1.28 in the same quarter last year.
The company reported record third-quarter earnings of $2.5 billion, compared to $2.2 billion for the third quarter the previous year.
“The strong results across our many diverse lines of business demonstrate the power of our unparalleled brands, franchises and creative content,” Disney Chairman/CEO Robert Iger said.
Disney reported a 13 percent increase in revenue in its studio entertainment sector. The year-over-year increase was attributed in part to this year’s success of “Avengers: Age of Ultron” and continued strength of “Cinderella,” compared to last year’s “Captain America: The Winter Soldier.” The company noted that this year’s more lackluster “Tomorrowland” couldn’t compete with last year’s international performance of “Frozen.”
The monstrous success of “Frozen” in the home entertainment market last year also heavily overshadowed the performance of this year’s release, “Big Hero 6.”
The company reported a 15 percent decrease in operating income in its broadcasting sector, attributable in part to higher programming and labor costs.
Cable networks, however, showed a 7 percent increase in operating income, despite a dip in advertising revenue at ESPN. The sector was bolstered by last year’s introduction of the SEC Network, according to the company.
— City News Service