Walt Disney Co (DIS) released its FQ1 2018 earnings results after closing bell tonight. Walt Disney Co earnings amounted to $1.89 per share on an adjusted basis on $15.35 billion in revenue. Analysts had been expecting earnings of $1.61 on $15.5 billion in revenue for F1 2018. In the same quarter a year ago, Walt Disney Co earnings amounted to $1.55 per share on $14.8 billion in revenue.
Walt Disney Co earnings impacted by tax reform bill
Including a one-time tax-related benefit of $1.6 billion in connection with the tax reform bill, Walt Disney Co Disney earnings amounted to $2.91 per share in FQ1 2018.
Media Networks revenues were roughly flat at $6.2 billion, including a slight increase in Cable Networks revenues, which rose to $4.5 billion. However, BAMTech posted a loss and ESPN recorded declines driven by lower ad revenue, while the Disney Channels and Freeform partially offset those losses. Broadcasting revenue fell to $1.75 billion. Parks and Resorts revenues rose to $5.15 billion from $4.56 billion.
Studio Entertainment revenue was essentially flat at $2.5 billion, while Consumer Products & Interactive Media revenue ticked down to $1.45 billion from $1.48 billion a year ago.
Disney updates Twenty-First Century Fox transaction
“The strategic investments we’ve made have driven meaningful growth over the long term, and we remain confident in our ability to continue to deliver significant shareholder value,” Chairman and CEO Robert Iger said in a statement. “We’re excited about what lies ahead, with a robust film slate, the launch of our ESPN direct-to-consumer business, new investments in our theme parks, and our pending acquisition of Twenty-First Century Fox.”
The FQ1 2018 earnings release also included an update on Disney’s planned acquisition of Fox’s entertainment assets. Walt Disney Co Disney said it plans to file a registration statement with the Securities and Exchange Commission which will include a joint proxy statement.
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