shares powered higher in early Thursday trading after the media and entertainment giant posted mixed fourth quarter earnings but forecast significant cash flow gains, alongside deeper cost cuts, that could restore the group's dividend over the coming year.
"As I reflect on our achievement this past year, I'm mindful of the fact that a lot of time and effort was spent on fixing, both contending with certain decisions made in the recent past and addressing the numerous challenges brought on by disruption and the pandemic," Iger told investors on a conference call late Wednesday.
Sports-focused profits for the fourth quarter were up 14% from the same period last year to $981 million, topping Street forecasts of around $862 million, with revenues pegged at $3.91 billion. "This continued robust free cash flow growth, alongside our strong balance sheet, will position us well to address our investments and shareholder return goals for the year and going forward," said interim CFO Kevin Lansberry."To that end, we will be recommending to the board that they declare a dividend by the end of this calendar year."
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