The Walt Disney Co. (NYSE: DIS) reported a better than expected second quarter profit on Tuesday, on strong results in all of its major business units but fell short of revenue forecasts.
Net income rose 27 percent to $931 million, or 44 cents per share, compared to $733 million, or 37 cents per share in the same period last year. Revenue rose slightly to $8.07 billion, compared to $8.03 billion in the same quarter last year.
Profit at the company beat analyst estimates, but came up short of revenue forecasts. Analysts had expected the firm to earn 38 cents on revenues of $8.13 billion for the quarter, according to a Thomson Financial poll.
The loss in revenue was mainly due to a 13 percent drop in sales in its studio entertainment division, the company said. The number of titles in distribution was significantly less than the same period last year, which included strong performances from The Chronicles of Narnia: The Lion, the Witch and the Wardrobe and Chicken Little.
The division overall was up, however, driven by Wild Hogs, which took in $216 million in worldwide box office receipts. Lower distribution costs also helped drive profits up 60 percent to $235 million, the company said.
Revenue at the broadcast unit, including ABC and Disney's radio stations, fell 7 percent to $1.66 billion during the quarter, reflecting a decline in programming.
Strong growth also came from the companyâ€™s cable networks, however. Net income in the quarter rose $154 million to $963 million .
Shares of Disney ended up 49 cents higher, or 1.36 percent, at $36.55 during normal trading hours on the New York Stock Exchange. However the stock fell 65 cents, or 1.78 percent to $35.90 by 6 pm Eastern time in after hours trading.