The Walt Disney Company Reports Third Quarter Earnings
The Walt Disney Company (NYSE: DIS) today reported earnings for its third fiscal quarter and nine months ended June 30, 2012. Diluted earnings per share (EPS) for the third quarter increased 31% to $1.01 from $0.77 in the prior-year quarter. Diluted EPS for the nine-months ended June 30, 2012 was $2.44 compared to $1.93 in the prior-year period.
“We had a phenomenal third quarter, delivering the largest quarterly earnings in the history of our company,” said Robert A. Iger, Chairman and CEO of The Walt Disney Company. “Earnings per share were up 31% over last year, driven by growth in every one of our businesses. We also delivered record earnings per share for the first nine months of our fiscal year, and we believe our results clearly demonstrate Disney’s unique value proposition and great potential to deliver long-term growth.”
The following table summarizes the third quarter and nine-month results for fiscal 2012 and 2011 (in millions, except per share amounts):
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
| June 30, | July 2, | June 30, | July 2, | |||||||||||||||||||||
| 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||||||||
| Revenues | $ | 11,088 | $ | 10,675 | 4 | % | $ | 31,496 | $ | 30,468 | 3 | % | ||||||||||||
| Segment operating income (1) | $ | 3,236 | $ | 2,731 | 18 | % | $ | 7,625 | $ | 6,712 | 14 | % | ||||||||||||
| Net income (2) | $ | 1,831 | $ | 1,476 | 24 | % | $ | 4,438 | $ | 3,720 | 19 | % | ||||||||||||
| Diluted EPS (2) | $ | 1.01 | $ | 0.77 | 31 | % | $ | 2.44 | $ | 1.93 | 26 | % | ||||||||||||
| Cash provided by operations | $ | 2,885 | $ | 1,822 | 58 | % | $ | 6,431 | $ | 4,890 | 32 | % | ||||||||||||
| Free cash flow (1) | $ | 2,145 | $ | 1,106 | 94 | % | $ | 3,580 | $ | 2,329 | 54 | % | ||||||||||||
| (1) | Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the discussion of non-GAAP financial measures below. | |
| (2) | Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling (minority) interests. |
EPS for the current quarter includes restructuring and impairment charges totaling $7 million, which had no net impact on EPS, while the prior-year quarter included restructuring and impairment charges totaling $34 million, which had a negative impact of $0.01 on EPS. Excluding these charges, EPS for the quarter increased 29% to $1.01 from $0.78 in the prior-year quarter.
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