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
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
, also drove its overall results. Its operating income increased 14% to $1.3 billion and revenue was up 5% to $3.6 billion.
In a sign that Disney was not immune to the economic effects of the U.S. housing downturn and credit crisis, the company's consumer products division was the laggard in the quarter. Its operating income was down 14% to $107 million though revenue for the unit was up 10% to $551 million.
Disney finished the regular session up 1.3%. Other entertainment companies also finished in the black, including
Warner Music Group