The Walt Disney Co. said net income for the latest quarter jumped 40 percent from a year ago thanks to a huge boost from Bristol-based ESPN and a turnaround at its movie studio because of “Toy Story 3,” The Associated Press reports.
Disney said Tuesday that fiscal third-quarter net income was $1.33 billion, or 67 cents per share. That’s up from $954 million, or 51 cents per share, a year ago.
Revenue rose 16 percent to $10 billion, from $8.6 billion.
Much of the 50 percent profit gain from ESPN came from recognizing deferred revenue, but advertising rates and the volume of sales also increased. Higher ad rates at broadcast network ABC were offset by lower ratings; its profits were only 2 percent higher.
The studio posted a much-anticipated turnaround thanks not only to the Pixar animated franchise “Toy Story,” but also “Alice in Wonderland.” Disney’s purchase of Marvel Entertainment last year also gave it an extra boost from the theatrical release of “Iron Man 2” in early may.
Profits at its domestic theme parks fell because of higher costs and lower attendance. This month, Disney raised ticket prices at Walt Disney World in Orlando, Fla., indicating a move further away from its recession-driven discounts.
Adjusted for one-time items, earnings also came to 67 cents per share. Analysts polled by Thomson Reuters expected adjusted earnings of 58 cents on revenue of $9.38 billion.
Disney shares rose 46 cents, or 1.3 percent, to $35.75 in after-hours trading Tuesday following the announcement. In regular trading earlier, shares rose 13 cents to $35.29.
