Disney 3Q Net Income Nearly Flat, Revenue Climbs

BURBANK, Calif. (AP) -

Earnings at The Walt Disney Co. were nearly unchanged in the latest quarter, while revenue increased 4 percent thanks to a boost from Disney’s theme parks and resorts business and cable networks.

Disney said Tuesday that it earned $1.85 billion, or $1.01 per share, in the fiscal third quarter, which ended June 29. That compares with $1.83 billion, or $1.01 per share, a year earlier. Excluding one-time items, earnings were $1.03 per share in the latest quarter, surpassing Wall Street’s expectations.

Revenue was $11.6 billion, up from $11.1 billion.

Analysts polled by FactSet had expected adjusted earnings of $1.01 per share on revenue of $11.7 billion.

Revenue at Disney’s parks and resorts business grew 7 percent to $3.7 billion.

Cable networks revenue grew 8 percent to $3.9 billion. Broadcast revenue, meanwhile, was unchanged at nearly $1.5 billion. Overall, the media networks business grew 5 percent to $5.4 billion.

Shares of the Burbank, Calif.-based company fell 55 cents to $66.50 in after-hours trading. The stock had closed up $1.03 at $67.05.