Disney's first quarter earnings report shows 33% profit increaseby Leah Zanolla
Feb 5, 2014
The Walt Disney Co. announced in its first quarter report today that profits jumped 33 percent this quarter. The quarter ended December 28 with earnings of $1.8 billion, up from $1.4 billion last year. Revenue was up 9 percent to $12.3 billion.
The Parks & Resorts division saw increases across the board - operating income was up 16 percent to $671 million; sales were up 6 percent to $3.6 billion. These numbers came from spending increases and higher ticket prices. MyMagic+ is still in the middle of its testing phase, so those operating costs are affecting the overall numbers, which may go up once the program is officially rolled out.
The biggest gain was in the films division, which had a staggering 75 percent increase in operating profit due to the immense success of the animated film Frozen.
Disney Chairman and CEO Bob Iger said, "We had an incredibly strong first quarter, delivering a 32 percent increase in adjusted earnings per share and double-digit increases in operating income in all business segments. These results reflect the strength of our unprecedented portfolio of brands, a constant focus on creativity and innovation, and the continued success of our long-term strategy."
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