Disney Rides Parks to Strong Showing

Disney'sDIS theme parks logged a strong showing despite economic weakness in the media giant's second-quarter, driving profits above Wall Street's expectations.

Disney said late Tuesday that it earned $1.1 billion, or 58 cents a share, in its fiscal second quarter ended March 29. That compares with earnings of $919 million, or 44 cents a share, for the same quarter last year.

Excluding one-time items, Disney said its profits rose 35% for the period to 58 cents a share compared to last year's 43 cents a share, beating the consensus estimate of 51 cents a share, according to Thomson Reuters.

Shares of Disney were recently up 59 cents, or 1.7%, to $34.32 in after-hours trading.

On its top line, the mouse house said its revenue rose 10% to $8.7 billion, beating expectations for revenue of $8.5 billion.

Disney's parks and resorts business, which is drawing heightened scrutiny now amid an economic slowdown in the U.S., reported operating income of 33% to $339 million on revenue growth of 11% to $2.7 billion. The company reported its domestic parks saw increased guest spending and theme park attendance during the quarter, defying predictions that a slowdown in consumer spending would weigh on the business.

Its studio entertainment business was another strong performer, thanks to hit films like Enchanted, Game Plan and Oscar-winner No Country for Old Men. It logged operating income up 61% to $377 million on revenue growth of 18% to $1.8 billion.

Disney's media networks business, including ABC and ESPN, also drove its overall results. Its operating income increased 14% to $1.3 billion and revenue was up 5% to $3.6 billion.