Wed, August 11, 2010
Business > Industries

Disney's 3Q earnings per share rises 31%

2010-08-11 07:05:48 GMT2010-08-11 15:05:48 (Beijing Time)  Xinhua English

In a photo taken on June 13, 2010, Walt Disney Company President and Chief Executive Officer Bob Iger (C) poses with characters Woody (L) and Bullseye (R) at the world premiere of Disney Pixar's "Toy Story 3" at the El Capitan Theatre in Hollywood, California.(Reuters Photo)

LOS ANGELES, Aug. 10 (Xinhua) -- The Walt Disney Co. reported on Tuesday that diluted earnings per share (EPS) for the third quarter jumped 31 percent to 67 cents from 51 cents in the prior-year quarter.

"We're very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses," Disney's President and Chief Executive Officer Robert A. Iger said in a statement.

"Our performance underscores the value of sticking to a smart strategy even in tough times, of investing in the right people, and of focusing relentlessly on quality and innovation to drive growth in shareholder value."

EPS for the current quarter included a gain on the sale of the Power Rangers property (43 million U.S. dollars) and restructuring and impairment charges (36 million dollars), which collectively had no net impact on EPS.

Disney's EPS for the nine-month period which ended on July 3 also increased 24 percent to 1.60 dollars from 1.29 dollars in the year-ago period, the company said.

EPS for the three quarters included restructuring and impairment charges (176 million dollars), gains on the sales of investments in two television services in Europe (75 million dollars), and an accounting gain related to the acquisition of the Disney Stores in Japan (22 million dollars).

The entertainment conglomerate attributed the increases in the quarterly and nine-month earnings to growth at Media Networks, which benefited from earlier recognition of previously deferred revenue at ESPN and Studio Entertainment.

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