NEW YORK (TheStreet) –– Walt Disney (DIS), the world's largest entertainment company, reported a better-than-expected third quarter after the bell Tuesday. Net income of $2.25 billion, or $1.28 a share, compared to $1.85 billion, or $1.03 a share, in the year-ago quarter. Revenue of $12.45 billion climbed 8% year over year.
Analysts surveyed by Thomson Reuters expected the Burbank, Calif.-based company to report $2.03 billion, or $1.16 a share, in net income, and $12.16 billion in sales.
"This quarter we delivered the highest EPS in the company's history, and we've now generated greater EPS in the first three quarters of FY 2014 than we have in any previous full fiscal year," said Robert Iger, chairman and CEO in a statement.
Topline growth in the June-ended quarter was driven by:
- Increased ad spend for live sporting events such as the World Cup and NBA Playoffs;
- Higher attendance at Disney theme parks and resorts due to a later-than-usual Easter holiday period shifted into April;
- Summer box office hits Maleficent and Captain America: The Winter Solider; and
- Success of Frozen in international box office markets and domestic home entertainment sales.
--Written by Keris Allison Lahiff in New York