Disney Q3 earnings beat Street

Disney Q3 earnings beat Street

Los Angeles: Hit movies and a recovering ad market boosted Walt Disney Co results above Wall Street’s expectations, following in the footsteps of several other media companies that have surpassed forecasts.

Disney’s revamped film division rode the box office success of “Toy Story 3," “Iron Man 2" and “Alice in Wonderland," cost cuts and an easy comparison to year-ago results. Revenues at its media networks division, home to cable network ESPN and broadcaster ABC, rose 19% to $4.7 billion.

The studio entertainment division swung decisively into the black, chalking up a $123 million operating income versus a loss a year ago.

Overall, Disney reported that fiscal third-quarter net income rose to $1.3 billion, or 67 cents per share, from $954 million, or 51 cents a share, in the year-ago quarter.

In after-hours trading Disney shares rose to $35.80 a share after closing at $35.29 a share.