Hit movies like Toy Story 3 and higher advertising sales at its cable networks lifted Walt Disney Co's
Disney's film unit did well because of the box office success of the latest Toy Story movie, Iron Man 2 and Alice in Wonderland, with revenue rising 30 percent.
Revenue at its media networks arm, home to sports cable network ESPN and broadcaster ABC, rose 19 percent to $4.7 billion. The results included $344 million in previously deferred revenue because of annual programing commitments.
Operating income in media networks rose 43 percent to $1.9 billion, outpacing analysts' forecasts for about $1.4 billion.
The cable division is the business that drives this business, and Disney had an impressive quarter, said RBC Capital analyst David Bank.
The studio entertainment division chalked up a $123 million operating profit after posting a loss a year ago.
Disney's fiscal third-quarter net income rose to $1.3 billion, or 67 cents per share, from $954 million, or 51 cents a share, a year earlier. That beat the average analyst forecast for 58 cents, according to Thomson Reuters I/B/E/S.
Total revenue rose 16 percent to $10 billion, surpassing Wall Street's target of just under $9.4 billion.
Disney shares rose to $35.80 after closing at $35.29. The stock has risen nearly 5 percent since the start of August as expectations of an advertising recovery solidified.
Last week, Time Warner
That forecast came a day after CBS Corp's
(Reporting by Sue Zeidler; editing by Carol Bishopric and Robert MacMillan)