Earnings: Disney Inches Past Estimates; Cable Networks Business Holds Up, But Film Drops

imageDisney (NYSE: DIS) announced quarterly revenue of $9.23 billion, up 2 percent form last year, and edging out analyst estimates of $9.14 billion. Net income was up 7 percent to $1.28 billion. Diluted EPS, excluding an accounting adjustment was $.62, just a shade ahead of $.61 consensus estimates. The results almost look like the opposite of Viacom’s (NYSE: VIA) report from yesterday. Cable Networks revenue was up 12 percent to $2.59 billion, while total media networks revenue was up 8 percent to $4.12 billion. Recall that Viacom basically showed no growth at its cable networks, depending entirely on Rock Band to lift media revenue. Cable Networks op income was up 14 percent to $1.2 billion, which the company attributed to its ESPN franchise and international growth at the Disney Channel.

Meanwhile, the Studio Entertainment unit saw 19 percent revenue shrinkage to $1.43 billion, due to an inability to repeat the success of Pirates of the Caribbean: At World

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