Monday, July 26, 2021

FROZEN BOOSTS DISNEY TO STRONG QUARTER

May 7, 2014 by · Leave a Comment 

Thanks in large measure to the continuing strong performance of its animated hit Frozen, the Walt Disney Co. late Tuesday reported a 27-percent surge in second-quarter net income, beating analysts’ predictions. Although Disney shares had fallen slightly in regular trading during the day, they rose in after-hours trading following release of the company’s quarterly report. Disney said that its movie studio posted the largest gains, with operating income of $475 million, up a whopping 303 percent from its year-ago second quarter of $118 million. Other Disney divisions posted comparatively moderate gains. Its media networks group, which includes the ABC television network and the ESPN cable network was up 15 percent, largely on strong growth at ESPN. Disney’s videogame unit reported operating income of $14 million, up from a loss of $54 million last year. Disney’s parks and resorts division posted a gain of 19 percent, while its consumer products division was up 37 percent.