Walt Disney Posts Record Annual Profit

Date : 09/11/2018 @ 08:54
Source : Dow Jones News
Stock : Twenty-First Century Fox - Class B (FOX)
Quote : 36.67  -0.51 (-1.37%) @ 08:00
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Walt Disney Posts Record Annual Profit

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By Maria Armental 

Walt Disney Co. turned in a strong financial performance in the latest period, as its parks-and-resorts and studio-entertainment segments helped it deliver record profit and revenue for the year.

Disney, best known for traditional film and television entertainment, has outlined a high-stakes plan focusing on direct-to-consumer offerings to fight back against streaming giants like Netflix Inc. and Amazon.com Inc.

Part of that plan, Chief Executive Robert Iger has said, will be folding in 21st Century Fox Inc.'s entertainment assets, including Fox's storied film and television studios.

Disney would essentially control three digital services: ESPN Plus for sports; Hulu, currently a joint venture of Disney, Fox, Comcast Corp.'s NBCUniversal and AT&T Inc.'s WarnerMedia; and a Disney-branded service, set to launch in late 2019.

Overall, fourth-quarter profit rose 33% to $2.32 billion, or $1.55 a share. Meanwhile, revenue rose 12% to $14.31 billion. Excluding one-time items, Disney earned $1.48 a share.

Analysts surveyed by FactSet expected $1.34 a share in adjusted profit on $13.73 billion in revenue.

Write to Maria Armental at maria.armental@wsj.com


(END) Dow Jones Newswires

November 08, 2018 16:39 ET (21:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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