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Parks push Disney earnings past Wall Street estimates

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Disney earnings beat estimates on boost from theme parks

REUTERS: Walt Disney Co's theme parks lifted quarterly earnings past Wall Street targets on Wednesday, helping offset big investments to support the media and entertainment company's bid to draw audiences to streaming media."Avengers: Endgame", the end of a decade-long superhero series with US$2.2 billion in box office sales worldwide, will stream exclusively on Disney+ starting Dec. 11, the company announced.

Growth at Disney parks in the United States boosted results above analyst expectations. From January to March, Disney reported adjusted earnings per share of US$1.61, ahead of analyst estimates of US$1.58, according to IBES data from Refinitiv.Disney is trying to transform from a cable TV leader to a streaming media powerhouse that, like Netflix Inc, sells subscriptions directly to consumers. Costs to build digital services will weigh on profits for several years, the company has said.

The just-ended quarter reflected the purchase of film and TV assets from 21st Century Fox, which brought Disney more content for its streaming future.Media networks, a division that includes ESPN and ABC, reported US$2.2 billion in operating income for the quarter.In the theme park unit, net income hit US$1.5 billion as more visitors showed up at Walt Disney World in Florida and at Hong Kong Disneyland, and occupied hotel nights increased.

The movie studio reported profit of US$534 million, lifted by"Captain Marvel," which was a global hit but did not reach the level of"Black Panther" and"Star Wars: The Last Jedi" a year earlier.

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