Disney tops earnings forecasts with streaming gains, raises guidance
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Walt Disney posted better-than-expected quarterly results and raised its annual profit forecast on Wednesday, led by gains in streaming business, which is expected to be the centrepiece of its growth strategy in the coming years.In the last 24 hours, the media and entertainment company entered two major deals with the National Football League and WWE as it readies its $29.99-per-month ESPN streaming service that will give viewers access to sporting events, including the NFL and National Basketball Association.Adjusted earnings per share rose 16% from a year ago to $1.61 for Disney's fiscal third quarter. Analysts had expected $1.47, according to the LSEG data.The WWE deal will bring exclusive rights to major wrestling events, including WrestleMania and Royal Rumble to the streaming service, set to launch August 21.CEO Bob Iger said the launch of the ESPN app and the NFL deal, along with a coming integration of Hulu into Disney+, would create "a truly differentiated streaming proposition".The NFL will take a 10% equity stake in Disney's ESPN sports network. The deal values were not disclosed.The company has been building its streaming business in sports and entertainment as traditional TV viewing declines. It is also expanding its popular theme parks and cruise lines.For the full year ending in September, the company projected adjusted EPS of $5.85, a 10-cent rise from prior forecasts."With ambitious plans ahead for all our businesses, we're not done building, and we are excited for Disney's future," Iger said.The company projected it would add 10 million Disney+ and Hulu subscribers in the current quarter, most of them from an expanded partnership with cable operator Charter.In the just-ended quarter, Disney+ and Hulu subscriptions increased by 2.6 million to 183 million, powering a 6% increase in revenue at the direct-to-consumer business. The unit posted an operating income of $346 million, compared with a loss of $19 million a year ago.Operating income in the entertainment division fell 15% to $1 billion. Disney attributed the drop to lower results from traditional television networks and the strong performance of the film "Inside Out 2" a year earlier.Disney's parks division reported a 13% gain in operating income to $2.5 billion. Profit at domestic parks rose 22% even with new competition in Orlando, Florida, from Universal's Epic Universe, which opened in late May, as visitors increased their spending.Walt Disney World in Orlando posted record revenue for the quarter, Disney Chief Financial Officer Hugh Johnston said.At the sports unit, operating income rose 29% to $1 billion. Domestic ESPN profit fell 3%, partly from higher programming and production costs, including rate increases for NBA games and college sports.
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