Disney Profit Rises 24% as ‘Avengers’ Sparks Studio Unit |
| Bloomberg - Aug 7, 2012 |
Walt Disney Co. (DIS), the world’s largest entertainment company, posted better than expected third-quarter profit, buoyed by the film hit “Marvel’s The Avengers.” Revenue fell short of analysts’ estimates.
Net income jumped 24 percent to $1.83 billion, or $1.02 a share, from $1.48 billion, or 77 cents, a year earlier, beating the 93-cent average of 28 analysts’ estimates. Sales grew 3.9 percent to $11.1 billion, Burbank, California-based Disney said today in a statement, missing projections of $11.3 billion.
“Avengers,” released in the U.S. on May 4, is the top- grossing film of 2012 worldwide and No. 3 all time, according to researcher Box Office Mojo. The movie sparked a turnaround for Disney’s studio, which had a loss in the previous quarter because of the box-office disappointment “John Carter.” It also underscored the value of Disney’s 2009 purchase of Marvel Entertainment for $4.2 billion.
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- Posted: 2012-08-07 17:39:10
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