Disney Takes One-Time Hit, But Earnings Report Positive Overall

by Ray Keating

News/Analysis

DisneyBizJournal.com

May 7, 2024

 

The Walt Disney Company had a solid earnings report for its second quarter ending March 30, 2024. 

 

Total revenues were up by 1 percent in the quarter versus the same quarter in the previous year, i.e., $22.8 billion compared to $21.8 billion. And diluted earnings per share excluding certain items beat expectation, rising by 30 percent, i.e., $1.21 versus $0.93.

A goodwill impairment issue having to do with Star India operations did hit earnings. As The Wall Street Journal reported: “The company took a roughly $2 billion charge in the March quarter related to the India deal and to its linear television networks and swung to a loss of $20 million, from net income of $1.27 billion a year earlier.” 

 

The company’s earnings per share growth target for the full year stands at 25 percent.

 

On the streaming front, losses shrank notably in the quarter, and Disney+ core subscribers increased by 6 million to 117.6 million. Total Hulu subscribers increased from 49.7 million to 50.2 million. Meanwhile, ESPN+ subscriptions were down slightly (from 25.2 million to 24.8 million), though average monthly revenue per paid subscriber increased due to “retail pricing and higher advertising revenue.” The ESPN+ subs decline was attributed to “seasonality,” by Disney CFO Hugh Johnston.

 

Disney CEO Bob Iger was quoted in the company’s statement: “Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.” The company acknowledged that the forthcoming third quarter will return to streaming losses, including a decline in Disney+ subscribers, but again, followed by a fourth quarter bounce back.

 

Iger also remained bullish on sports and ESPN, asserting that ESPN programming is solid for the coming decade.

 

The Experiences division – parks and resorts, cruise line and consumer products – stood out as a growth driver, “with revenue growth of 10%, segment operating income growth of 12%, and margin expansion of 60 basis points versus the prior year,” and the company continues “to expect robust operating income growth at Experiences for the full year.” Iger noted that “we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments.”

 

Revenue growth at domestic parks grew by 29 percent in the second quarter versus the same period last year, and operating income rose by 87 percent.

 

CFO Johnston noted that the Experiences division will face some challenges in the coming quarter, namely, higher wages, increased costs due to cruise line expansions, and some demand moderation due to a return to pre-COVID levels. Healthy, strong growth is expected, but there is some demand normalization, along with near-term one-time expenses.

 

Finally, it's also worth noting that Iger’s emphasis regarding Marvel looking ahead was on reining in content, that is, to two, perhaps three, movies per year, as well as a couple of streaming shows per year. 

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

The Disney Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, princesses and more.

 

Never miss any new book by Ray Keating by joining the Pastor Stephen Grant Fellowship with Ray Keating at

https://www.patreon.com/pastorstephengrantfellowship.

 

Various books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 19 books in the series now.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon. 

 

• Order The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist, The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist, and The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist at Amazon.com.

 

• Signed editions of Ray’s books are at www.raykeatingbooksandmore.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast. 

Disney’s Strong Earnings Report and Outlook

 by Ray Keating

News/Analysis

DisneyBizJournal.com

February 7, 2024

 

Disney surprised the markets with a strong earnings report today, along with a boatload of announcements. Indeed, the first quarter 2024 earnings report was one to be appreciated by stockholders.

Let’s get to what I see as the key takeaways, and there are a good many.

 

First, diluted earnings per share (EPS) excluding certain items jumped by 23 percent versus the same period last year – from $0.99 to a $1.22. For good measure, Disney offered some rare earnings guidance, projecting that full year fiscal 2024 EPS excluding certain items would increase by at least 20 percent versus 2023, to approximately $4.60.

 

Second, the company announced a 50 percent increase in its semi-annual dividend to $0.45 per share, which will be distributed in July.

 

Third, Disney also announced a stock buyback of $3 billion during the current fiscal year, with further buybacks seemingly slated for the future.

 

Fourth, the company was bullish on its cost savings and efficiency undertakings, noting that it would hit or exceed the previously announced $7.5 billion cost savings for the year.

 

Fifth, the company confirmed, once more, that it was on track to arrive at streaming profitability by the end of the current fiscal year. CFO Hugh Johnston pointed out that the objective on the streaming front is to achieve double-digit margins. According to Johnston, the path to such levels of profitability lies with growing subscriptions via paid sharing (which got a good deal of attention), lower churn, and international growth, as well as pricing and assorted efficiencies. Iger noted that the company is “working toward” what Netflix has achieved. 

 

In terms of streaming subscriptions, Hulu saw subscribers increase by 1.2 million in the quarter. Meanwhile, as largely expected, Disney+ subscriptions decreased by 1.3 million, but Disney also projected Disney+ core subscribers to increase by 5.5 million to 6 million in the second quarter.

 

Sixth, Disney announced that it entered into a partnership with Epic Games, with a $1.5 billion equity investment in the gaming enterprise. This partnership will result in the creation of a Disney Universe existing alongside and interconnected with Epic’s Fortnite. Disney CEO Bob Iger noted the need for the company to tap into demographic trends regarding gaming, and the opportunity to leverage the company’s intellectual property (IP) accordingly. He also highlighted the opportunity in this Disney digital world to purchase digital goods and perhaps in the future physical goods.

 

Seventh, since Taylor Swift seems to be everywhere, Disney announced that her “Eras Tour” concert film will come exclusively to Disney+ on March 15, with additional content not in the original release.

 

Eighth, it was noted that 70 percent of the announced plan to invest $60 billion on parks over the coming decade will go to increased capacity, with every park location and the high seas being affected. Annual announcements are expected to come from the company each year starting in 2025.

 

Ninth, a full-slate ESPN standalone streaming option will be launched in August 2025 or the fall of that year. This ESPN streaming option will include all ESPN programming, and will integrate betting, e-commerce, stats and personalization. In addition, the previously announced streaming sports joint venture with Fox and Warner Bros. Discovery is scheduled to launch this fall.

 

Tenth, all parks were profitable in the quarter, with growth in international parks particularly strong. And it was repeated that the company is expecting to “turbocharge growth” in the parks. The cruise line got notable attention in terms of expanding opportunities. It was noted in the earnings report: “At Experiences, we generated all-time records in revenue, operating income, and operating margin in the first quarter…” As for key sources of profitability on the Experiences front for the quarter, four were highlighted: Shanghai Disneyland, Hong Kong Disneyland, the Disney cruise line, and the latest Spider-Man video game.

 

Eleventh, on the movies and franchise fronts, it was announced that the planned Moana television show was being transformed into a theatrically released movie, set for November of this year. Meanwhile, it’s hard to say if something should or should not be read into the fact that the only Star Wars movie specifically mentioned by Iger was the one featuring The Mandalorian and Grogu. For good measure, Iger noted the slowdown in production on the Marvel front, declaring that there would a “focus on stronger franchises” going forward. In addition, the forthcoming Kingdom of the Planet of the Apes movie received a fair amount of attention. It has a release date of May 10, 2024.

Iger’s assessment was summed up in a statement in the earnings report: “Just one year ago, we outlined an ambitious plan to return The Walt Disney Company to a period of sustained growth and shareholder value creation. Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences… Looking at the renewed strength of all of our businesses this quarter – from Sports, to Entertainment, to Experiences – we believe the stage is now set for significant growth and success, including ample opportunity to increase shareholder returns as our earnings and free cash flow continue to grow.”

 

Finally, regarding the activist investor challenges facing the company with the upcoming April 3 shareholder meeting, when asked about it on CNBC, Iger declared that those individuals didn’t understand the Disney business, nor the Disney brand. He also spoke of the company “acting with a sense of urgency,” and that “all of us are optimistic.” When it came to streaming, Johnston also used the word “urgency,” that is, there is an “urgency to get to a good sustainable business.”

 

Why all the “urgency” talk? That’s what happens when activist investors lurk heading into a shareholder meeting, and people have been focusing on the under-performance of your stock.

 

In after-hours trading, at the time of this writing, Disney’s stock price was up by more than six percent.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

Support the Daily Dose of Disney with Ray Keating Podcast at https://www.buzzsprout.com/1724143. Subscribe at the $8 or $10 level, and get The Disney Planner: The TO DO List Solution by Ray Keating. Remain a supporter and you'll get a FREE BOOK by Ray Keating every six months going forward. Thanks!

 

The Disney Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, princesses and more.

 

Consider other books by Ray Keating, including…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 18 books in the series now.

 

• Pre-order The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist. Signed books here and Kindle editions here.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Signed books here.  And Kindle and paperback editions here.

 

• The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Signed editions of Ray’s books are at www.raykeatingbooksandmore.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney Earnings Beat Market Expectations and Iger Emphasizes Shift from Fixing to Building

 by Ray Keating

News

DisneyBizJournal.com

November 8, 2023

 

The Walt Disney Company published its fourth quarter and full year earnings for 2023 today, and the company generally beat market expectations. It also was reiterated on the call that management would recommend to the board that a Disney dividend should be established, or re-established, by the end of the calendar year.

The company’s diluted earnings per share, excluding certain items, for the quarter increased to $0.82 from the prior-year quarter’s $0.30, and for the entire year, diluted EPS, excluding certain items, came in at $3.76 in 2023 versus $3.53 in the prior year.

 

For good measure, revenues were up by 5 percent in the quarter, and by 7 percent for the year, compared to the same previous periods.

 

Also, Disney+ added 6.9 million core subscribers in the fourth quarter, which far exceeded market expectations. In addition, streaming losses fell dramatically – from $1.47 billion a year earlier to $387 million in this quarter – with profitability on target for the fourth quarter of 2024.

 

Disney+ core subscribers came in at 112.6 million, with total Hulu subscribers at 48.5 million and ESPN+ at 26.0 million – both up slightly.

 

The Experiences division – parks and consumer products – saw a 13 percent increase in revenues and a 31 percent increase in operating income in the quarter.

 

Disney CEO Bob Iger noted the benefits of the company’s new structure, and spoke of “restored creativity.” He also emphasized that the company was moving from “fixing” matters due to past decisions and industry changes to “building” in four key areas. 

 

The first path for building is streaming profitability, pointing out that 50 percent of new Disney+ subscribers chose the advertising option, and that a unified Disney+ and Hulu app would be set up in beta form in December and officially launched in early spring 2024.

 

The second path is making ESPN the preeminent sports platform, including via new strategic partnerships. Iger emphasized that ESPN was experiencing solid revenue and income growth.

 

The third is a kind of refocus of the movie studio, namely, a move away from quantity and to a focus on quality. Iger, while noting successes, did acknowledge a slip in quality.

 

And fourth, Iger spoke of “turbo-charging” growth in experiences, that is, parks, cruise lines, etc. Previously announced investments were noted, as were improved guest experience ratings.

 

In after-hours trading, at the end of the Disney earnings call, the stock price was up by better than three percent.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

Support the Daily Dose of Disney with Ray Keating Podcast at https://www.buzzsprout.com/1724143. Subscribe at the $8 or $10 level, and get The Disney Planner: The TO DO List Solution by Ray Keating. Remain a supporter and you'll get a FREE BOOK by Ray Keating every six months going forward. Thanks!

 

Consider books by Ray Keating, including…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 18 books in the series now.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Signed editions of Ray’s books are at www.RayKeatingOnline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney Earnings Report and More: A Mixed Bag

 by Ray Keating

News/Analysis

DisneyBizJournal.com

August 9, 2023

 

In its third quarter earnings report today, Disney beat expectations on some measures, while missing on others. This came across as the definition of a “mixed bag.”

 

Two points beyond the actual earnings report warrant attention. On the earnings call, Kevin Lansberry, Disney interim CFO, reiterated that a recommendation would be made to the board by the end of this calendar year to reinstate a “modest” dividend. 

Also, Disney announced assorted streaming price increases. Those include commercial-free Disney+ going from $10.99 per month to $13.99; a 20 percent increase in Hulu without ads to $17.99; and the Disney bundle of Disney+ (no ads), Hulu (no ads) and ESPN+ (ads) increasing from $19.99 to $24.99. All three with ads will increase $2 per month to $14.99. These price increases will go into effect on October 12.

 

The Disney stock price immediately reacted positively in after-hours trading to these two announcements.

 

As for adjusted earnings per share for the quarter, Disney came in at $1.03, which beat market expectations of $0.95. However, it was down from $1.09 in the prior year quarter.

 

Regarding revenues, Disney earned $22.33 billion in the third quarter. That actually came up short of market expectations, which ran at about $22.5 billion. However, revenues were up by 4 percent compared to the same quarter last year.

 

Streaming

 

Streaming (or DTC) losses continued in the quarter, but the loss of $512 million was smaller than the market expectation of $759 million.

 

Disney+ subscriptions registered 146 million, which came in lower than the expected 151 million, and down from 157.8 million in the previous quarter. However, Disney+ Core (which excludes Disney+ Hotstar) subscriptions increased from 104.9 million to 105.7 million. ESPN+ and Hulu subscriptions were flat.

 

Streaming profitability continues to be expected by the end of fiscal year 2024. Iger pointed to a recent “reset” of the whole business “for sustained profitability.”

 

For good measure, Iger continued to make clear Disney’s enthusiasm regarding sports, noting once more that ESPN was destined to go fully streaming at some point. He said, “We believe in the power of sports.”

 

Parks

 

Strength in theme parks was noted for the international parks and in Disneyland. “Softer performance” was highlighted for Walt Disney World, though “well above pre-Covid levels,” according to Iger. He also mentioned strong demand for annual passes.

 

In the third quarter, the Parks, Experiences and Products division saw revenues increase 13 percent versus the same quarter last year, and operating income up by 11 percent.

 

Lansberry said the company expected some moderation of attendance at domestic parks in the near term. At the same time, though, Iger was very bullish on the company’s cruise line business.

 

Movies

 

Regarding the film business, Iger pointed to it as a key source of future growth (along with the parks and streaming). He was pleased with the results from Avatar: The Way of Water and Guardians of the Galaxy Vol. 3, but noted that other results were “disappointing,” and that was something “we don’t take lightly.” The Disney CEO emphasized a move to “better economics” on the studio front, including reducing costs per title.

 

Regarding overall cost-cutting efforts, Iger said that Disney was on track to exceed the goal of $5.5 billion in savings.

 

Iger assessed, “While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises.”

 

_________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? 

 

Consider books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. Here are 18 books in the series now with the latest being Under the Golden Dome: A Pastor Stephen Grant Novel and For Better, For Worse: A Pastor Stephen Grant Short Story.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

 

•  Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Peltz Ends Disney Board Bid – A Win for Both Peltz and the Disney Board?

 by Ray Keating

News/Analysis

DisneyBizJournal.com

February 9, 2023

 

Chalk up a win for Disney CEO Bob Iger and the company’s board, as activist and mega-Disney investor Norman Peltz has ended his bid for a seat on the Disney board. Or is it a win for Peltz? Perhaps both?

Peltz liked what Iger had to say about restructuring and costs savings on the Disney earnings call on February 8.

 

Indeed, the agenda laid out by Iger basically was what Peltz had been arguing for, that is, reducing costs, rationalizing the streaming business with a focus on profits, and bringing back a Disney dividend. Obviously, Iger’s successor remains an open question – another Peltz concern – but one can argue that that process has been rationalized as well since Iger first came back, given that the soon-to-be Disney chairman, Mark Parker, will be heading up that work.

 

On CNBC this morning, Peltz explicitly told Jim Cramer, “Now Disney plans to do everything we wanted them to do. We wish the very best to Bob [Iger], this management team and the board. We will be watching. We will be rooting.”

 

Sounds like a win-win.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? 

 

Consider books by Ray Keating…

 

• The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Pastor Stephen Grant thrillers and mysteries. The latest in the series is Persecution: A Pastor Stephen Grant Novel. Get the signed books here, or paperbacks and Kindle editions right here.

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

 

•  Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney: Earnings, Cost Reductions and the Dividend

 by Ray Keating

News/Analysis

DisneyBizJournal.com

February 8, 2023

 

The Walt Disney Company’s earnings for the quarter ended December 31, 2022, ran ahead of market expectations. Revenues also came in ahead of what was expected.

 

CEO Bob Iger announced a company reorganization under three areas – entertainment, ESPN, and parks, experiences and products. He also emphasized cost reductions, with an announced target of $5.5 billion in savings, which will include cuts in marketing and a 7,000 reduction in the Disney workforce.

For good measure, Iger announced that he is asking the board to reinstate the Disney stock dividend by the end of this calendar year, though at a more “modest” level than where it was prior to the pandemic. Disney CFO Christine McCarthy noted that this dividend would be “a small fraction” of pre-pandemic level, with the intention that it would grow with earnings.

 

Also, Iger announced that an Avatar attraction will be coming to Disneyland, and animated sequels to Toy Story, Frozen and Zootopia are in the works.

 

Compared to the same quarter last year, Disney’s revenues were up by 8 percent, coming in at $23.5 billion.

 

The diluted earnings per share (EPS) came in at $0.70, versus $0.63 in the same quarter last year, while diluted EPS excluding certain items registered $0.99 versus $1.11 last year.

 

Disney+ subscribers declined from 164.3 million in the previous quarter to 161.8 million in the latest. The losses came in India and Southeast Asia, as Disney lost the streaming rights to India Premier League cricket.  ESPN+ subscribers increased from 24.3 million to 24.9 million, and Hulu subs rise from 47.2 million to 48.0 million.

 

However, streaming losses narrowed for the company, and Iger emphasized cost reviews across streaming.

 

Disney CEO Bob Iger was quoted in the earnings statement: “After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises. We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.” 

 

Iger emphasized a return of authority to creative areas, which will include distribution and financial decisions.

 

As for the Disney parks, it was reported: “Disney Parks, Experiences and Products revenues for the quarter increased 21% to $8.7 billion and segment operating income increased 25% to $3.1 billion. Higher operating results for the quarter reflected increases at our domestic parks and experiences and, to a lesser extent, our international parks and resorts. Operating income growth at our domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and increased costs for new guest offerings.” Iger called parks performance “outstanding.”

 

At the time of this writing, approximately an hour after the markets closed on Wednesday, Disney stock was up by better than six percent in after-hours trading.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? 

 

Consider books by Ray Keating…

 

• The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Pastor Stephen Grant thrillers and mysteries. The latest in the series is Persecution: A Pastor Stephen Grant Novel. Get the signed books here, or paperbacks and Kindle editions right here.

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

 

•  Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.