'Star Wars' Helps Disney To Record Quarter
February 9, 2016 at 3:05 PM (PT)
"STAR WARS: THE FORCE AWAKENS" helped THE WALT DISNEY COMPANY to a record first quarter, helping drive overall revenue up 14% to $15.244 billion and net income up 32% to $2.9 billion ($1.73 per diluted share). The Media Networks division rose 8% to $6.332 bllion, and the broadcasting subdivision increased revenues 7% to $1.811 billion but saw operating income decline 7% to $223 million, blamed on programming costs and losses from HULU. While ESPN income decreased, Chairman/CEO BOB IGER said on the DISNEY conference call TUESDAY afternoon that the network saw a small increase in subscribers in the latter stages of the quarter, bucking a recent downward trend.
“Driven by the phenomenal success of STAR WARS, we delivered the highest quarterly earnings in the history of our Company, marking our 10th consecutive quarter of double-digit EPS growth,” said IGER. “We’re very pleased with our results, which continue to validate our strategic focus and investments in brands and franchises to drive long-term growth across the entire Company.”