Disney Profits Fall 46% But Beat Targets

Disney(DIS Quote) reported a 46% decline in second-quarter earnings, hurt by a steep falloff in its studio business, but nonetheless topped Wall Street profit forecasts.

In a press release after the bell, the Burbank, Calif., entertainment concern reported net income of $613 million, or 33 cents share, down from the year-ago period's $1.13 billion, or 58 cents a share.

Excluding restructuring and impairment charges that cut 10 cents from its most recent EPS figure, Disney said quarterly earnings fell 26% to 43 cents a share from 58 cents a share a year ago.

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- Posted: 2009-05-06 09:47:32

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