Disney Blows Past Estimates, but Top Line Drops - TheStreet

Disney Blows Past Estimates, but Top Line Drops

Still, revenue comes in stronger than expected for the latest first quarter.
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Walt Disney

(DIS) - Get Report

posted quarterly earnings and revenue that came in well ahead of analysts' expectations, but the top line fell from the year-ago period as attendance dropped at the company's parks and resorts and a slowdown in advertising hit the media division.

In after-hours trading on the Instinet platform, shares of Disney were rising 6.4% to $22.40 after the company released the earnings report. In the regular session, the stock lost 1.6% to $21.06.

Excluding a gain, the company earned 15 cents a share in the first quarter ended Dec. 31, topping the First Call consensus estimate by 5 cents. The company reported net income, including all items, of 21 cents a share.

Revenue fell 5% to $7.05 billion from $7.43 billion. Analysts were expecting revenue of $6.62 billion.

Disney said the quarterly revenue for the media networks division fell 3% to $3 billion and operating income decreased 58% to $246 million. The parks and resorts segment saw revenue slide 17% to $1.4 billion, while operating income fell 51% to $187 million. Studio entertainment revenue declined 2% to $1.8 billion.