No Desperation at Disney

Updated from 4:57 p.m. EST

Disney's (DIS Quote) first-quarter earnings unexpectedly rose from a year ago and came in 17% above analysts' forecasts, thanks in part to a better-than-expected performance at the company's studio entertainment division.

The company, which enjoyed a broadcast revival this winter from its "Desperate Housewives" television hit, earned $723 million, or 35 cents a share, in the quarter. That per-share number included 2 cents' worth of one-time benefits from a tax matter and a calendar change, net of an impairment charge.

Analysts surveyed by Thomson First Call had been forecasting earnings of 29 cents a share. Revenue rose 1% from last year to $8.67 billion, about $180 million better than predicted. ...