Disney releases 2013 third quarter earnings reportLeah Zanolla | Posted: Aug 7, 2013 | Updated: Aug 8, 2013 - 2:01:06 PM
The Disney Co. has reported its third quarter earnings, which stayed relatively steady from the same time last year. The film division struggled a little this year, but was balanced out by the theme parks' and the Media Networks Division's (which consists of ESPN, A&E, and the Disney Channel) strong showings. The company's quarterly revenue was $11.58 billion, up slightly from last year, but still falling below the projected target. Earnings per share were $1.01, unchanged from the previous year.
Though operating income was up 9 percent, the theme parks' revenue jumped to $3.68 billion, a 7 percent increase; net income went up 9 percent to $6.89 billion. This is mainly attributed to increases in attendance, which affect occupied room nights and guest spending. This, coupled with the growth in the Media Networks Division, accounted for 75 percent of the revenue and profits for the company. These numbers show just how much of a hit was taken by the film studio.
Disney's film division had a 2 percent revenue decrease, but a staggering 36 percent profit decrease. This was largely due to the failure of The Lone Ranger, the highly anticipated film that only made $175.5 million globally, despite its $200 million production price tag. This movie may still come back to negatively affect future reports, as it was not fully counted against this quarter's earnings.
Bob Iger, Chairman and CEO of The Walt Disney Company, released a statement, saying, "We are pleased with the results we delivered in the third quarter. We are confident that our strategy of creating high-quality branded content positions us well for the future."
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