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The Walt Disney revenue jumps 36% in Q1 FY20
06 Feb 20 3 min read
The Walt Disney, a mass media company, reported earnings in Q1 FY20 that ended December 28, 2019. The Company's net revenue increased 36 per cent to $20.86 billion compared to $15.30 billion in the prior-year quarter. Diluted earnings per share (EPS) from continuing operations decreased 37 per cent to $1.17 from $1.86 in same period last year.
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Excluding certain items affecting comparability, diluted EPS in Q1 decreased 17 per cent to $1.53 from $1.84 in Q1 FY19.
"We had a strong first quarter, highlighted by the launch of Disney+, which has exceeded even our greatest expectations," Robert A Iger, chairman and chief executive officer, said. "Thanks to our incredible collection of brands, outstanding content from our creative engines and state-of-the-art technology, we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today's dynamic media environment."
Media Networks revenues for the quarter increased 24 per cent to $7.4 billion, and segment operating income increased 23 per cent to $1.6 billion.
Parks, Experiences and Products revenues for the quarter increased 8 per cent to $7.4 billion, and segment operating income increased 9 per cent to $2.3 billion. Operating income growth for the quarter was due to increases at merchandise licensing and domestic parks and resorts, partially offset by lower results at our international parks and resorts.
Studio entertainment revenues for the quarter increased from $1.8 billion to $3.8 billion and segment operating income increased from $309 million to $948 million. Higher operating income was due to increases in theatrical and TV/SVOD distribution results at company's legacy operations, partially offset by a loss from the consolidation of the TFCF businesses.
Direct-to-Consumer & International revenues for the quarter increased from $0.9 billion to $4.0 billion and segment operating loss increased from $136 million to $693 million. The increase in operating loss was due to costs associated with the launch of Disney+, the consolidation of Hulu and a higher loss at ESPN+. These increases were partially offset by a benefit from the inclusion of the TFCF businesses due to income at the international channels including Star.
Revenue eliminations increased from $184 million to $1.7 billion and eliminations of segment operating income were $221 million in the current quarter compared to zero in the prior-year quarter.
The company reported in their forward-looking statement that actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, integration initiatives and timing of synergy realisation) or other business decisions, as well as from developments beyond the company's control, including: changes in domestic and global economic conditions, competitive conditions and consumer preferences; adverse weather conditions or natural disasters; health concerns; international, regulatory, political, or military developments; technological developments; and labor markets and activities.
Fibre2Fashion News Desk (JL)
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