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The Walt Disney Company Releases Q1 2024 Earnings

The Walt Disney Company Releases Q1 2024 Earnings TWDC  Walt Disney Company

The Walt Disney Company has released the first quarter earnings for fiscal 2024.



Financial Results for the Quarter:

  • Revenues for the quarter were comparable to the prior-year quarter at $23.5 billion.
  • Diluted earnings per share (EPS) for the quarter increased to $1.04 from $0.70 in the prior-year quarter.
  • Excluding certain items(1), diluted EPS for the quarter increased to $1.22 from $0.99 in the prior-year quarter.

Key Points

  • First quarter earnings results reflect Disney’s progress in their strategic transformation, continuing to build from a position of strength.
  • Disney says they’re achieving significant cost reductions across its businesses, as evidenced by the realization of over $500 million in selling, general and administrative and other operating expense savings across the enterprise in the first quarter.
  • The company is on track to meet or exceed the $7.5 billion annualized savings target by the end of fiscal 2024, while they continue to look for further efficiency opportunities.
  • Based on the strength of first quarter results as well as their expectations for the balance of the year, they expect full year fiscal 2024 earnings per share excluding certain items(1) to increase by at least 20% versus 2023, to approximately $4.60.
  • Further, they continue to expect free cash flow(1) generation in fiscal 2024 to total roughly $8 billion.
  • They continue to expect to reach profitability at their combined streaming businesses in the fourth quarter of fiscal 2024, and are making tremendous progress in this area, with first quarter Entertainment DTC operating losses improving by nearly $300 million versus the prior quarter. Disney believes this business will ultimately be a key earnings growth driver for the Company.
  • Hulu subscribers increased by 1.2 million from the prior quarter. Disney+ Core subscribers decreased sequentially by 1.3 million, in line with prior guidance and reflecting a substantial price increase in the quarter as well as the end of the global summer promotion. Disney+ Core ARPU increased sequentially by $0.14 versus the fourth quarter.
  • They expect Disney+ Core subscriber net additions of between 5.5 and 6 million and ongoing positive momentum in ARPU in the second quarter.
  • ESPN’s domestic business grew both revenue and operating income year over year in the first quarter, and we continue to build ESPN into the world’s preeminent digital sports platform.
  • At Experiences, they generated all-time records in revenue, operating income, and operating margin in the first quarter, and we recently celebrated the well-received openings of World of Frozen at Hong Kong Disneyland Resort and Zootopia at Shanghai Disney Resort.
  • In February 2024, the Board of Directors approved a new share repurchase program effective February 7, 2024; Disney plans to target $3 billion in repurchases in fiscal 2024.
  • The Board also declared on February 7, 2024 a cash dividend of $0.45 per share – an increase of 50% versus the last dividend paid in January – payable July 25, 2024 to shareholders of record at the close of business on July 8, 2024.
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