Desperate housewives and a potbellied
superhero helped Walt Disney Co. continue its financial rebound as the
company Wednesday posted a 30% earnings jump in its fiscal second
quarter.
Disney's profit of $698 million, or 33 cents a share, was a shade
above Wall Street estimates and contrasts with the $537 million, or 26
cents, it earned a year earlier. Revenue in the period ended April 2
climbed 9% to $7.8 billion.
The Burbank-based entertainment giant's results were boosted by the
recovery at the ABC network, which has benefited from such hits as
"Desperate Housewives" and "Lost." DVD sales from
the animated hit film "The Incredibles" also were a key
factor.
Theme park results improved and are expected to get a further boost
from the company's worldwide celebration of Disneyland's 50th
anniversary.
"Overall they had a solid quarter," said Jeffrey Logsdon,
an analyst at Harris Nesbitt. "Most of the divisions are operating
in a healthy manner."
Disney's top brass
predicted double-digit earnings growth for 2005.
"We're on a path right now to continue this trend," Chief
Executive-designate Robert Iger said in an interview. "That's very
good news."
The robust earnings come at an opportune time for Iger, Disney's
president, who was tapped in March to succeed Michael Eisner. Eisner
plans to retire Sept. 30 after 21 years as chief.
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