Disney shares pass all-time high on earnings
Shares of Walt Disney Co. (DIS, Fortune 500) passed their all-time high in after-hours trading Tuesday after the company reported strong earnings growth, driven by rising revenues at ESPN and the runaway success of “The Avengers.”
Despite stumbling with “John Carter,” the sci-fi epic that lost the company $200 million, Disney reported earnings for the first three months of the year that surged 18% versus 2011.
“The Avengers” smashed box-office records in its debut this past weekend, grossing more than $207 million and shaping up to be Disney’s highest-earning film ever. Disney CEO Bob Iger said in a call with analysts Tuesday that Disney would release an “Avengers” sequel “eventually, at a date to be determined.”
“We’re incredibly optimistic about our future, given the strength of our core brands, Disney, Pixar, Marvel, ESPN, and ABC, and our extraordinary ability to grow franchises across our businesses,” Iger said in a statement.
Disney reported earnings, excluding certain items, of 58 cents a share on $9.6 billion in revenue. Shares closed at $44.30 on Tuesday before gaining 1.3% in after-hours trading, hitting $44.86. Read More
Posted on May 8, 2012, in #breaking news, #financing and tagged disney ceo, Disney stocks soar, entertainment, film, hollywood, record reporting earnings, stocks, the avengers. Bookmark the permalink. Leave a comment.